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Upgrades/Downgrades - 12 September 2013

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Company Broker Update
AGGREKO Deutsche Bank cuts TP 1870p : Buy
ARM HOLDINGS Goldman Sachs ups TP 1500 : Buy
AVEVA Goldman Sachs ups TP 4450 : Buy
BARCLAYS Keefe, Bruyette & Woods ups TP 360p : Outperform
BETFAIR Jefferies ups TP 1175p : Buy
BSKYB JPMorgan cuts TP 930p : Neutral
EVRAZ Goldman Sachs cuts TP 109p : Sell
IG GROUP UBS ups TP 700p : Buy
IMAGINATION TECH Goldman Sachs ups TP 390p : Buy
KINGFISHER Deutsche Bank ups TP 400p : Hold
OCADO Numis Securities ups TP 450p : Buy
RANDGOLD RESOURCES JPMorgan ups TP 6130p : Overweight
REED ELSEVIER Jefferies ups TP 884p : Hold
TELECITY GROUP Goldman Sachs ups TP 1230 : Buy
TUI TRAVEL JPMorgan ups TP 410p : Overweight
WPP JPMorgan ups TP 1520 : Overweight
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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