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Upgrades/Downgrades - 7 November 2013

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

Stock Broker Update
Afren Liberum ups to Buy from Hold
ASOS SocGen ups TP to 6400p from 6000p, Hold
Croda HSBC cuts TP to 2700p from 2800p, neutral
DCC Jefferies ups TP to 3250p from 3200p, Buy
Easyjet Liberum initiates with Buy rating, Liberum initiates with TP 1500p
Inmarsat JP Morgan cuts TP to 780P from 800P, overweight
Laird Liberum initiates with Buy rating; TP 290p
New Britain Palm Oil Liberum ups to Buy rating
Persimmon Liberum ups TP to 1303p from 1261p, Hold
Provident Financial Berenberg ups to Buy from Hold; ups TP to 1970p from 1560p
Quintain Estates and Development JP Morgan ups to overweight from neutral, ups TP to 110p from 100p
Rightmove Numis ups TP to 3027p from 2648p, add
Ryanair Holdings Liberum initiates with Buy rating, Liberum initiates with TP 6.40 euros
SABMiller HSBC ups TP to 3700p from 3600p, overweight
Telecity Group Evercore ups to Equalweight from underweight; cuts TP to 750P from 925P
Vectura Group Berenberg ups TP to 200p from 180p, 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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