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Upgrades/Downgrades - 22 September 2014

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

Stock Broker Broker Rating Action Previous Close (p) Target Price (p) Action Distance to TP
BAE Systems UBS Buy 471.55 505 7.09%
British Land Co Kempen Overweight 716 820 14.53%
Domino Printing Sciences Arden Partners Add 606
GlaxoSmithKline Goldman Sachs Buy/Neutral 1449.32 1670 15.23%
Grainger Kempen Overweight 198.8 235 18.21%
Land Securities Kempen Overweight 1261 1225 -2.85%
Londonmetric Property Kempen Underweight 142 141 -0.70%
Pennon Goldman Sachs Sell/Neutral 783.5 740 -5.55%
Petrofac Barclays Overweight 1052.51 1500 42.52%
SABMiller Sanford C. Bernstein Market Perform 3577 4000 11.83%
SSE UBS Buy 1534.99 1740 13.36%
SSE Raymond James Outperform 1534.99 1650 7.49%
Standard Life Panmure Gordon Buy 421.66 465 10.28%

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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