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Upgrades/Downgrades - 16 January 2014

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

Stock Broker Update
Anglo American Morgan Stanley cuts TP to 1500p from 1760p, Equalweight
ASOS HSBC ups TP to 8200p from 7160p, overweight
AstraZeneca Liberum ups TP to 4600p; keeps Buy rating
Beazley Numis downgrades to add from Buy
Datatec Finncap cuts TP to 430p from 470p
Firstgroup HSBC ups TP to 155p from 115p, neutral
Go-Ahead HSBC ups TP to 2180p from 1810p, overweight
Hays HSBC ups TP to 157p from 140p, overweight
Hiscox Numis ups to add from Hold
International Consolidated Airlines Barclays ups TP to 500p from 300p, overweight
Intertek Berenberg downgrades to Hold from Buy
Kentz Corporation HSBC ups TP to 775p from 615p, overweight
National Express HSBC downgrades to neutral from overweight
Pennon Group Morgan Stanley ups TP to 723p from 685p, Equalweight
Severn Trent Morgan Stanley cuts TP to 1696p from 1730p, Equalweight
Shire Berenberg ups TP to 2900p from 2350p, Hold
Stagecoach HSBC ups to overweight from neutral
Standard Chartered SocGen cuts TP to 1550p from 1800p, Buy
SThree HSBC ups TP to 388p from 355p, neutral
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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