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Upgrades/Downgrades - 10 July 2013

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For a more detailed explanation of Upgrades/Downgrades see Link

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

African Barrick Gold CIBC cuts TP to 100p from 230p, sector underperformer
Anglo American Goldman Sachs cuts TP to 1100p from 1400p, sell
Antofagasta Goldman Sachs cuts TP to 810p from 935p, neutral
ARM Holdings Canaccord Genuity cuts TP to $52 from $56, Buy
Aureus Mining Numis initiates with Buy rating; TP of 60p
BHP Billiton Goldman Sachs cuts TP to 2050p from 2150p, neutral
Burberry Nomura ups TP to 1540p from 1440p, neutral
Centamin CIBC cuts TP to 40p from 60p, sector performer
Countrywide Credit Suisse ups TP to 700p from 510p, outperform
Dechra Pharmaceuticals Investec downgrades to Hold from add; TP to 700p from 761p
First Quantum Minerals Goldman Sachs ups to Buy from neutral
Firstgroup Morgan Stanley cuts TP to 104p from 113p, Equalweight
Fresnillo CIBC cuts TP to 880p from 1500p, sector performer
G4S Panmure cuts TP to 240p from 252p, Hold
Glencore Xstrata Goldman Sachs cuts TP to 260p from 370p, neutral
Greene King Jefferies ups TP to 825p from 625p, Hold
Halfords Investec ups TP to 400p from 375p, Buy
Imagination Technologies Goldman Sachs downgrades to 380P from 410P, Buy
Intertek Jefferies cuts TP to 2750p from 2800p, underperform
ITV Morgan Stanley ups TP to 175p from 135p, overweight
Kazakhmys Goldman Sachs cuts TP to 160p from 330p, sell
Kier Group Liberum ups TP to 1500p from 1450p, Buy
Pan African Resources CIBC downgrades to sector performer from sector outperformer; cuts TP to 15p from 25p
Petrofac HSBC ups to neutral from underweight; ups TP to 1300p from 1275p
Randgold Resources CIBC ups to sector outperformer from sector performer; cuts TP to 5000p from 6600p
Reed Elsevier Berenberg ups TP to 15.80 euros from 14.15 euros, Buy
Rio Tinto Goldman Sachs cuts TP to 2500p from 2715p, sell
SIG Jefferies downgrades to Hold from Buy; cuts TP to 180p from 190p
Telecity HSBC ups TP to 1240p from 990p, overweight
Vedanta Resources Goldman Sachs ups to Buy from neutral
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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