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Upgrades/Downgrades - 5 December 2013

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For a more detailed explanation of Upgrades/Downgrades see Link

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

Company Broker Update
AMEC Canaccord Genuity upgrades to Buy from Hold; Ups Tpto 1300p from 1125p
Drax Group Barclays ups TP to 915p from 800p; Overweight
Drax Group JPMorgan upgrades to Overweight from Neutral; Ups TP to 810p from 630p
Essentra JPMorgan ups TP to 847p from 780p; Neutral
Sainsbury Macquarie ups TP to 360p from 290p; Neutral
Standard Chartered Nomura cuts TP to 1690p from 1810p; Buy
Standard Chartered Maybank cuts TP to 1285.62p from 1355.21p; Sell
Standard Chartered JPMorgan cuts TP to 1500p from 1750p; Neutral
Standard Chartered KBW cuts Tp to 1450p from 1600p; Market Perform
TalkTalk Jefferies downgrades to Hold from Buy; Cuts TP to 260p from 335p
Tullow Oil SocGen cuts TP to 975p from 1125p; Hold
Ultra Electronics Deutsche Bank upgrades to Hold from Sell; Ups TP to 1750p from 1650p
Vedanta RBC upgrades to Sector Perform from Underperform; Cuts TP to 1000p from 1100p
Whitbread Nomura ups TP to 3860p from 3110p; 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.

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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