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Upgrades/Downgrades - 14 June 2013

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Company Broker Update
Amlin UBS adds to least prefferred list in European Insurance
ASOS Nomura ups TP to 3400p from 2970p
Associated British Foods Goldman Sachs ups TP to 1650p from 1620p: Sell/Neutral
Cairn Energy JP Morgan Cazenove ups TP to 340p from 328p: Neutral
Caretech Canaccord Genuity upgrades to Buy
Chemring Group Credit Suisse ups TP to 260p from 210p: Neutral
Compass Morgan Stanley ups TP to 830p from 810p: Equalweight
Firstgroup Nomura upgrades to Buy
Great Portland UBS upgrades to Buy from Neutral: cuts TP to 600p from 620p
Hiscox UBS initiates with Neutral and TP of 560p
Home Retail HSBC upgrades to Overweight from Neutral: cuts TP to 160p from 170p
Hunting JP Morgan Cazenove cuts TP to 727p from 761p: Underweight
Informa UBS adds to most preferred list
Kazakhmys Morgan Stanley cuts TP to 300p from 330p: Underweight
KazMunaiGas UBS upgrades to Neutral from Sell: cuts TP to $15.80 from $116.80
Lloyds Banking Group Jefferies initiates coverage with Hold and TP of 65p
Polymetal SocGen cuts TP to 645p from 840p: Hold
Polyus Gold SocGen downgrades to Sell from Hold
Rolls Royce Investec upgrades to Buy from Add; TP 1359
Royal Bank of Scotland Jefferies initiates coverage with Buy and TP of 390p
Royal Bank of Scotland Deutsche Bank downgrades to Sell from Hold
Royal Dutch Shell RBC upgrades to Outperform from Secotr perform
Royal Dutch Shell Tudor Pickering  cuts TP to 2800 from 2900p: Buy
RPS Investec cuts TP to 290p from 310p: Buy
Sthree Credit Suisse cuts TP to 330p from 350p: Neutral
Ted Baker  Panmure ups TP to 1411p from 1245p: Hold
Wincanton JP Morgan Cazenove cuts TP to 60p from 64p: Neutral

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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