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Upgrades/Downgrades - 29 July 2013

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For a more detailed explanation of Upgrades/Downgrades see Link

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

Aviva Panmure ups TP to 380p from 340p, Hold
Cranswick Investec ups TP to 1230p from 1190p, Buy
Fidessa Group Jefferies ups TP to 2450p from 1690p, Buy
Japan Residential Investment Liberum ups TP to 70p from 66p, Buy
Jardine Lloyd Thompson Panmure ups TP to 810p from 760p, sell
Keller Group Jefferies ups TP to 1300p from 1200p, Buy
Marston’s Jefferies downgrades to Hold from Buy, ups TP to 155p from 150p
Pearson SocGen ups TP to 1100p from 1040p, sell
PZ Cussons Numis ups TP to 402p, Hold
RSA Insurance Panmure ups TP to 117p from 110p, sell
RusPetro RBC ups TP to 60p from 40p, sector perform
SABMiller HSBC cuts TP to 3400p from 3700p, neutral
Tullow Oil JP Morgan cuts TP to 1260p from 1500p, overweight
UK equities Nomura downgrades to underweight from neutral
Vectura Group Investec ups TP to 111p from 107p, Buy
WPP UBS ups to Buy from neutral; TP to 1300p from 1080p
XP Power Investec ups TP to 1440p from 1375p, 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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