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Upgrades/Downgrades - 13 January 2015

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Stock Broker Broker Rating Action Previous Close (p) Target Price (p) Action Distance to TP
Rolls-Royce Sanford C. Bernstein Market Perform 868.5 820 -5.58%
International Consolidated Airlines Jefferies Buy 469.3 570 21.46%
Severn Trent Sanford C. Bernstein Outperform 2071 2247 8.50%
EasyJet Jefferies Buy 1631 1850 13.43%
BHP Billiton BMO Capital Outperform 1351 1600 18.43%
Anglo American BMO Capital Market Perform 1140 1200 5.26%
Sky Plc Sanford C. Bernstein Outperform 890 1050 17.98%
Burberry UBS Neutral 1663 1650 -0.78%
SSE Sanford C. Bernstein Underperform 1503 1450 -3.53%

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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