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Upgrades/Downgrades - 17 March 2014

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Stock Broker Update
Computacenter Barclays initiates with underweight; TP 600p
Computacenter Jefferies ups TP to 720p from 470p, Hold
Hellenic Carriers Panmure ups TP to 60p from 50p, Buy
Hikma Pharmaceuticals Citigroup ups TP to 1800p from 1700p, Buy
Home Retail Bernstein ups to market perform from underperform rating, ups TP to 190P from 140P
K3 Business Technology Finncap ups TP to 255p from 200p
Micro Focus Barclays ups to overweight from Equalweight
Next Jefferies ups TP to 7500p from 7000p, Buy
Reed Elsevier Berenberg downgrades to Hold from Buy rating
Salamander Energy Barclays cuts TP to 130p from 160p, Equalweight
SSE Berenberg cuts TP to 1320p from 1570p, Hold
Standard Life Barclays ups TP to 377p from 349p, Equalweight
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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