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Upgrades/Downgrades - 5 March 2014

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

Stock Broker Update
Booker Group JP Morgan ups TP to 195p from 160p, overweight
British American tobacco SocGen ups TP to 3500p from 3200p, Hold
Cambria Automobiles Panmure ups TP to 67p from 61p, Buy
Devro SocGen downgrades to sell from Hold; TP to 250p from 325p
Dignity Panmure ups TP to 1800p from 1600p, Buy
Glencore Xstrata Renaissance Capital ups to Hold from sell
Helphire N+1 Singer ups TP to 8.70P from 7.80P, Buy
International Consolidated Airlines Cantor Fitzgerald ups TP to 470p from 360p, Hold
Lookers Panmure ups TP to 157p from 147p, Buy
MartinCo Panmure initiates with Buy rating; TP of 172p
RSA Insurance HSBC ups to neutral from underweight; TP to 94p from 83p
Serco Group Jefferies downgrades to Hold from Buy; TP to 435p from 560p
Tullett Prebon SocGen downgrades to Hold from Buy; ups TP to 330p from 310p
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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