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Upgrades/Downgrades - 2 April 2014

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Stock Broker Update
Aviva Morgan Stanley ups TP to 534p from 517p, overweight
Aviva JP Morgan ups TP to 570p from 528p, overweight
EMIS Group Panmure ups TP to 820p from 731p, Buy
Griffin Mining Panmure ups TP to 115p from 111p, Buy
Hikma Pharmaceuticals Barclays ups TP to 1750p from 1460p, overweight
Intu Properties Morgan Stanley cuts TP to 270p from 310p, underweight
IP Group Numis ups to Buy from Hold; TP to 273p from 144P
London Stock Exchange SocGen initiates with Hold rating, TP of 2,160P
MAN Group Morgan Stanley ups TP to 108p from 94p, equal-weight
Prudential JP Morgan ups TP to 1,038p from 1,028p, underweight
Resolution JP Morgan cuts TP to 358p from 370p, neutral
St. James’s Place JP Morgan ups TP to 909p from 868p, overweight
Standard Life JP Morgan reinstates with overweight rating
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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