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Upgrades/Downgrades - 11 March 2014

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Stock Broker Update
Aviva RBC ups to sector perform from underperform, ups TP to 550p from 400p
Aviva Nomura ups TP to 625p from 489p, Buy
Berendsen JP Morgan ups TP to 1,127p from 1,089p, overweight
Centrica Berenberg ups to Buy from Hold; cuts TP to 365p from 380p
Clarkson JP Morgan ups to overweight from neutral rating
Fenner Liberum cuts TP to 445p, Hold
Fenner Finncap downgrades to Hold from Buy
International Consolidated Airlines Jefferies ups TP to 510p, Buy
National Grid Berenberg ups TP to 785p from 740p, Hold
Royal Bank of Scotland Nomura ups TP to 300p from 285p, reduce
Spirent Communications Jefferies ups TP to 108p from 103p, Hold
SSE Berenberg cuts TP to 1320p from 1570p, Hold
TCS Group Holding JP Morgan cuts TP to $11.50 from $18, overweight
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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