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Upgrades/Downgrades - 22 May 2013

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For a more detailed explanation of Upgrades/Downgrades see Link

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

Amlin WestHouse Securities ups to add from neutral
ARM Holdings Canaccord Genuity ups TP to $56 from $52, Buy
ARM Holdings Berenberg ups TP to 1350P from 1150P, Buy
Beazley WestHouse Securities downgrades to neutral from add
Beazley WestHouse Securities ups TP 245p from 235p
Burberry JP Morgan ups TP to 1,400p from 1320p, neutral
Catlin WestHouse Securities ups to add from neutral
Darty Exane BNP Paribas ups TP to 65p from 50p, neutral
Darty SocGen downgrades to Hold from Buy
Darty Citigroup ups TP to 47p from 39p, sell
Faroe Petroleum Jefferies cuts TP to 200p from 210p, Buy
Firstgroup Morgan Stanley ups to Equalweight from underweight
Hiscox WestHouse Securities ups TP to 540p from 530p, neutral
Homeserve Jefferies ups TP to 240p from 210p, Hold
Imagination Technologies Berenberg cuts TP to 250P from 360P, sell
Innovation Group Investec ups TP to 33p from 30p, Buy
Kazakhmys UBS downgrades to neutral from Buy; cuts TP to 385p from 465p
MAN Group Citigroup ups TP to 130p from 110p, neutral
Marks & Spencer Nomura ups TP to 540p from 500p, Buy
Marks & Spencer SocGen ups TP to 581p from 472p, Buy
Marks and Spencer Citigroup ups TP to 470p from 440p, neutral
Mitie Group Jefferies cuts TP to 285p from 300p, Hold
Novae Group WestHouse Securities ups TP 500p from 450p
RPS Group Jefferies cuts TP to 275p from 285p, Buy
The Paragon Group of Companies JP Morgan ups TP to 361p from 300p, overweight
UK Mail Group Investec ups TP to 600p from 465p, Buy
Vectura Group JP Morgan ups TP to 148p from 133p, 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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