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Upgrades/Downgrades - 25 March 2013

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For a more detailed explanation of Upgrades/Downgrades see Link

Key: (?) = Upgraded, (?) = Downgraded, (-) = Maintained

Aviva Investec downgrades to reduce from Buy; TP to 316p from 422p
Bank of Georgia Renaissance Capital ups to Buy from Hold
Britvic SocGen ups to Hold from sell, ups TP to 440p from 370p
Cineworld Group N+1 Singer initiates with Buy rating; TP of 327p
Devro N+1 Singer reinitiates with Hold rating
Drax Group Liberum downgrades to Hold from Buy
Greene King N+1 Singer initiates with Buy rating; TP of 760p
Hays Jefferies ups TP to 120p from 115p, Buy
Ladbrokes Jefferies ups to Buy from Hold, ups TP to 265p from 160p
Marston’s N+1 singer initiates with Buy rating; TP of 161p
Michael Page International Jefferies ups TP to 520p from 460p, Buy
Standard Chartered Morgan Stanley removes from most preferred list
Standard Chartered RBC cuts TP to 1700p from 1780p, sector perform
Sthree Jefferies downgrades to Hold from Buy, Jefferies ups TP to 390p from 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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