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Upgrades/Downgrades - 17 December 2013

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

Stock Broker Update
Antofagasta Canaccord Genuity cuts TP to 1035p from 1110p, Buy
BATS UBS cuts TP to 3715p from 3850p, Buy
Daisy Group Barclays downgrades to underweight from Equalweight; ups TP to 130p from 115p
Experian Jefferies cuts TP to 1090p from 1200p, Hold
Imagination Technologies Barclays cuts TP to 185p from 250p, Equalweight
John Wood Group Canaccord Genuity cuts TP to 825p from 875p, Hold
KCOM Group Barclays ups TP to 115p from 100p, overweight
RSA Insurance Raymond James cuts TP to 84p from 105p, underperform
RSA Insurance Morgan Stanley cuts TP to 107p from 123p, overweight
RSA Insurance Numis cuts TP by 15p to 85p, Hold
UBM Barclays cuts TP to 755p from 810p, overweight
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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