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Upgrades/Downgrades - 4 September 2013

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Antofagasta Investec ups TP to 725p from 707p, sell
ASOS Citigroup ups TP to 5800p from 4800p, Buy
Croda JP Morgan ups TP to 2,850p from 2,820p, overweight
Darty Citigroup ups TP to 60p from 47p, sell
Dixons Retail Citigroup ups TP to 53p from 50p, Buy
Elementis JP Morgan ups TP to 284p from 280p, overweight
Gazprom Renaissance Capital cuts TP to $12 from $14, Buy
Home Retail Group Citigroup ups TP to 115p from 105p, sell
IFG Group N+1 Singer cuts TP to 121p from 130p, Buy
Johnson Matthey JP Morgan ups TP to 2,800p from 2,600p, neutral
Next Citigroup ups TP to 5650p from 5200p, Buy
Synthomer JP Morgan ups TP to 244p from 235p, neutral
Victrex JP Morgan ups TP to 1550p from 1500p, neutral
WPP Jefferies ups TP to 1425p from 1185p, Buy
WPP Pivotal Research ups TP to 1320p from 1170p, Hold
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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