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Upgrades/Downgrades - 23 October 2013

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

Stock Broker Update
ARM Holdings SocGen ups TP to 680p from 640p, sell
BT Group UBS downgrades to sell from neutral
Faroe Petroleum Liberum cuts TP to 175p from 183p, Buy
GKN SocGen ups TP to 430p from 425p, Buy
Inmarsat Berenberg initiates with Hold rating; TP 775p
International Consolidated Airlines RBC ups TP to 400p from 360p, outperform
Petropavlovsk Otkritie Capital downgrades to sell from Hold; cuts TP by 40 percent to 57p
Renold N+1 Singer ups TP to 53p from 44p, Buy
Talktalk Telecom UBS downgrades to sell from neutral
Telecity Group JP Morgan cuts TP to 1100p from 1200p, overweight
UBM Barclays cuts TP to 810p from 830p, overweight
UBM Liberum cuts TP to 840p from 890p, Buy
Vodafone Group Credit Suisse ups TP to 245p from 195p, outperform
WPP Liberum ups TP to 1450p from 1300p, 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.

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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