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Upgrades/Downgrades - 16 April 2013

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For a more detailed explanation of Upgrades/Downgrades see Link

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

Aberdeen Asset Management Citigroup ups TP to 455p from 430p, neutral
Associated British Foods Bernstein ups TP to 1850p from 1600p, market perform
Associated British Foods Credit Suisse downgrades to neutral from outperform, ups TP to 1850p from 1650p
AZ Electronic Materials Espirito Santo Investment Bank initiates with Buy rating; TP 400p
Cable & Wireless Communications JP Morgan resumes with neutral rating; TP 43p
Croda International Berenberg ups TP to 3200p from 2700p, Buy
Diageo HSBC ups TP to 2200p from 1800p, neutral
Elementis Berenberg ups TP to 290p from 275p, Buy
Ladbrokes Nomura cuts TP to 199p from 203p, neutral
Ladbrokes Morgan Stanley cuts TP to 165p from 175p, underweight
MAN Group RBC ups TP to 120p from 100p, sector perform
Mondi Jefferies ups TP to 1000p from 960p, Buy
Petropavlovsk Nomura cuts TP to 125p from 240p, reduce
Petropavlovsk JP Morgan cuts TP to 420p from 460p, overweight
Reckitt Benckiser Bernstein ups TP to 5300p from 5000p, outperform
Rolls-Royce UBS ups TP to 850P from 750P
SSE Investec downgrades to Hold from Buy
The Unite Group Numis ups to Buy from add, ups TP to 381p from 345p
Unilever Bernstein ups TP to 3100p from 2700p, outperform
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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