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Upgrades/Downgrades - 9 May 2013

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Associated British Foods Berenberg ups TP to 2000p from 1700p, Hold
Betfair Jefferies ups TP to 930p from 850p, Buy
Cineworld Investec ups TP to 347p from 310p, Buy
Cobham Jefferies ups TP to 290p from 240p, Buy
First Quantum Minerals Citigroup cuts TP to 920p from 1000p, sell
G4S Espirito Santo Investment Bank cuts fair value to 215p from 250p, sell
InterContinental Hotels Group Morgan Stanley adds to Europe best ideas list
Morgan Sindall Liberum cuts TP to 500p from 535p, Hold
Northgate Panmure ups TP to 298p, sell
Standard Chartered RBC downgrades to underperform from sector perform; cuts TP to 1500p from 1700p
United Drug Jefferies ups TP to 340p from 310p, 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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