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Upgrades/Downgrades - 12 April 2013

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For a more detailed explanation of Upgrades/Downgrades see Link

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

Apple RBC Capital Markets cuts TP to $550 from $600; Outperform
Ashmore SocGen ups TP to 455p from 420p; Buy
Ashmore Jefferies ups TP to 490p from 435p; Buy
BAE Systems JP Morgan Cazenoveorgan Cazenove cuts rating to Underweight from Neutral
BHP Billiton Sanford C Bernstein ups TP to 2500p from 2450p; Outperform
Cairn Energy RBC Capital Markets ups TP to 440p from 400p; upgrades to Outperform from Sector Perform
Croda UBS downgrades to Sell from Neutral
Debenhams Panmure Gordon cuts TP to 88p from 90p; Hold
Debenhams Cantor cuts TP to 70p from 80p; downgrades to Sell from Reduce
GlaxoSmithKline SocGen ups TP to 1900p from 1810p; Buy
HSBC Liberum cuts TP to 650p from 665p, downgrades to Hold from Buy
HSBC Barclays maintains Overweight
Informa Jefferies cuts TP to 510p from 580p; downgrades to Hold from Buy
Johnson Matthey UBS upgrades to Buy from Neutral
Legal & General JP Morgan Cazenoveorgan Cazenove downgrades to Underweight from Neutral
Marks and Spencer Cantor downgrades to Sell from Hold
Pearson Jefferies cuts TP to 1240p from 1290; Hold
Reed Elsevier Jefferies cuts TP to 700p from 760p; downgrades to Hold from Buy
Rentokil Initial Goldman Sachs downgrades to Neutral from Buy
Resolution JP Morgan Cazenoveorgan Cazenove upgrades to Neutral from Underweight
SAB Miller SocGen ups TP to 3590p from 2970p; Hold
Sports Direct Cantor cuts TP to 440p from 460p; downgrades to Hold from Buy
Standard Chartered Barclays maintains Overweight
William Hill Deutsche Bank downgrades to Hold from Buy
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.

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