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Upgrades/Downgrades - 18 July 2013

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For a more detailed explanation of Upgrades/Downgrades see Link

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

BT Group Bernstein ups TP to 385p from 325p, outperform
Coca Cola HBC Nomura cuts TP to 1600p from 1800p, neutral
Crest Nicholson Jefferies initiates with Hold rating; 375p TP
ENRC Nomura cuts TP to 230p from 300p, neutral
Fenner Jefferies cuts TP to 430p from 470p, Buy
Kazakhmys Nomura cuts TP to 130p from 450p, reduce
Lonmin Investec ups TP to 280p from 254p, Hold
MAN Group RBC downgrades to underperform from sector perform; TP to 85p from 120p
Optos Numis ups to Buy from add
Partnership Assurance Group Panmure initiates with Buy rating; TP of 575p
Playtech Morgan Stanley ups TP to 840p from 800p, overweight
Royal Dutch Shell Nomura downgrades to neutral from Buy; TP to 2400p from 2500p
Talktalk Telecom Bernstein ups TP to 235p from 210p, market-perform
Tate & Lyle SocGen downgrades to Hold from 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.

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