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Upgrades/Downgrades - 16 July 2013

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For a more detailed explanation of Upgrades/Downgrades see Link

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

Company Broker Update
Anglo American HSBC cuts TP to 1610p from 2250p; Overweight
Antofagasta HSBC cuts TP to 900p from 1080p; Neutral
BHP Bliton HSBC cuts TP tp 1990p from 2110p; Overweight
Bovis Homes Panmure Gordon ups TP to 778p from 714p; Hold
Computacenter Panmure Gordon downgrades to Hold from Buy; TP 474p
Computacenter Investec ups TP 550p to 480p; Buy
CRH UBS cuts TP to 1330p from 1350p; Neutral
Dechra Pharma Finncap upgrades to Buy; TP 800p
EnQuest Westhouse downgrades to nuetral from Buy
Galiford Try Panmure Gordon ups TP to 895p from 870p; Sell
GlaxoSmithKline Morgan Stanley ups TP to 1710p from 1370p; Equalweight
Invensys Canaccord Genuity ups TP to 505p from 420p; Hold
Kingfisher Deutsche Bank ups TP to 360p from 325p; Hold
Persimmon Panmure Gordon ups TP to 995p from 970p; Sell
Reckitt Benckiser HSBC cuts TP to 4800p from 4900p; Neutral
Redrow Pamure Gordon ups TP to 214p from 211p; Hold
Rio Tinto HSBC cuts TP to 4070p from 4160p; Overwight
Salamander Energy Deutsche Bank cuts TP to 207p from 220p.
Savills UBS ups TP to 660p from 610p; Buy
United Utilities Deutsche Bank cuts TP to 800p from 850p; Buy
Vedanta HSBC cuts TP to 1220p from 1280p; Neutral
Vedanta RBC Capital Markets downgrades to Underperform from Sectorperform
Vedanta RBC Capital Markets cuts TP to 1100p from 1200p
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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