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Upgrades/Downgrades - 22 February 2013

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BP Canaccord Genuity downgrades to Hold from Buy
Chariot Oil and Gas Jefferies ups to Buy from Hold; TP to 50P from 36P
Elementis Berenberg Bank ups TP to 275p from 260p, Buy
Fresnillo SocGen initiates with sell rating; TP of 1200p
GlaxoSmithKline Jefferies ups TP to 1550p from 1500p, Hold
Hochschild Mining SocGen initiates with sell rating; TP of 330p
HSBC Holdings Nomura ups TP to 900p from 730p, Buy
Interserve Westhouse Securities downgrades to add from Buy; ups TP by 24 percent to 537p
Kingfisher SocGen cuts TP to 296p from 301p, Hold
Lancashire Holdings Nomura ups TP to 906p from 826p, neutral
Weir Group SocGen ups TP to 1870p from 1635p, sell
William Hill Jefferies ups TP to 500p from 370p, Buy
Xaar Investec initiates with Buy ; TP 350P
Source: Reuters News, AlphaTerminal, Dow Jones Newswires

Source: Bloomberg, Reuters News, AlphaTerminal, Dow Jones Newswires

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T111his research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.

Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research

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