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Upgrades/Downgrades - 16 October 2013

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Stock Broker Update
Aviva JP Morgan ups TP to 486p from 436p, overweight
BT Group JP Morgan ups TP to 380p from 330p, neutral
Burberry Cantor cuts TP to 1500p from 1515p, Hold
Colt Group JP Morgan cuts TP to 115p from 120p, neutral
Go-Ahead Group RBC ups TP to 1800p from 1600p, sector perform
Gooch & Housego N+1 Singer ups to Buy; TP to 630p from 515p
Hargreaves Lansdown Jefferies ups TP to 1150p from 1050p, Buy
HSBC Holdings Numis ups to add from Hold
Kentz HSBC ups to overweight from neutral
Mail.Ru Group Renaissance Capital ups TP to $46 from $42.1, Buy
Pearson SocGen ups to Hold from sell
SDL Panmure ups TP to 270p from 276p, Hold
Serco Group HSBC ups to overweight from neutral
Shanks Jefferies ups TP to 100p from 84p, Hold
Smiths Group HSBC ups TP to 1500p from 1400p, neutral
Smiths News Liberum ups TP to 220p from 203p, Buy
Vertu Motors Panmure ups TP to 77p from 63p, 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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