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Upgrades/Downgrades - 10 December 2013

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Stock Broker Update
Antofagasta UBS cuts TP to 765p from 845p, neutral
Avon Rubber N+1 Singer initiates with Buy; TP 682p
Inmarsat Jefferies ups TP to 790p from 750p, Buy
Kazakhmys Jefferies cuts TP to 225p from 280p, Hold
Kentz UBS ups TP to 730p from 600p, Buy
Micro Focus Citigroup ups TP to 850p from 730p, neutral
Pearson Jefferies cuts TP to 1128p from 1240p, Hold
Photo-Me International Finncap ups TP to 165p from 125p
Sportech Panmure ups TP to 153p from 145p, Buy
Trinity Exploration and Production Jefferies ups TP to 190p from 175p, 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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