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Upgrades/Downgrades - 6 January 2014

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Stock Broker Update
Next Bernstein ups TP to 5500p from 4600p, market perform
Marks and Spencer Bernstein cuts TP to 400p from 420p, underperform
Premier Oil SocGen cuts TP to 385p from 450p, Buy
ASOS SocGen ups TP to 6680p from 6400p, Hold
IMI Jefferies ups TP to 1590p from 1405p, Hold
Marks and Spencer Citigroup cuts TP to 510p from 575p, Buy
Debenhams Citigroup cuts TP to 80p from 95p, neutral
Next Citigroup ups TP to 7000p from 6100p, Buy
Sabmiller Exane BNP Paribas cuts TP by 3 percent to 3500P, outperform
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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