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Upgrades/Downgrades - 14 October 2013

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For a more detailed explanation of Upgrades/Downgrades see Link

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

Stock Broker Update
Admiral Group JP Morgan cuts TP to 1022p from 1122p, underweight
Balfour Beatty Numis ups TP to 315p from 285p, add
Bunzl JP Morgan downgrades to neutral from overweight
Centrica HSBC downgrades to neutral from overweight
Chemring JP Morgan downgrades to neutral from overweight
Diageo Investec downgrades to sell from Hold; TP to 1865p from 1900p
Drax Group HSBC cuts TP to 680p from 735p, neutral
Glencore Xstrata Liberum downgrades to Hold
IQE Liberum downgrades to Hold from Buy
Johnson Matthey JP Morgan ups to overweight from neutral; ups TP to 4000p from 2800p
O’Key Group JP Morgan ups to neutral from underweight; ups TP to $13 from $12.50
SABMiller Nomura cuts TP to 2700p from 2800p, reduce
SABMiller Citigroup downgrades to neutral from Buy; TP to 3200p from 3550p
SSE HSBC cuts TP to 1610p from 1630p, neutral
SSE JP Morgan cuts TP to 1200p from 1220p, underweight
Travis Perkins RBC ups to top pick from outperform, ups TP to 1900p from 1550p
X5 Retail UBS cuts TP to $18.20 from $19.20, neutral
X5 Retail HSBC downgrades to underweight from neutral; cuts TP to $17.5 from $19
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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