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Upgrades/Downgrades - 12 December 2013

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

Stock Broker Update
BBA Aviation Morgan Stanley ups TP to 315p from 310p, Equalweight
City of London Investment Trust N+1 Singer downgrades to Hold from Buy; TP to 220p from 260p
Go-Ahead Group Jefferies ups TP to 1825p from 1815p, Buy
Gulf Keystone Petroleum Canaccord Genuity cuts TP to 200p from 216p, Hold
Imagination Technologies Liberum ups to Buy from Hold
Sage Group Jefferies ups TP to 420p from 380p, Buy
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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