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Upgrades/Downgrades - 23 May 2013

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For a more detailed explanation of Upgrades/Downgrades see Link

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

Aberdeen Berenberg initiates with Buy rating; TP 580p
African Minerals Jefferies cuts TP to 400p from 500p, Buy
Anglo American Jefferies downgrades to Hold from Buy; cuts TP to 1700p from 2450p
Antofagasta Jefferies cuts TP to 1000p from 1100p, Hold
ARM Holdings Exane BNP Paribas downgrades to neutral from outperform
Ashmore Berenberg initiates with Buy rating; TP 500p
BHP Billiton Jefferies cuts TP to 2350p from 2550p, Buy
Booker Group Investec ups TP to 140p from 134p, Buy
Britvic UBS ups TP to 500p from 390p, neutral
Ferrexpo Jefferies downgrades to Hold from Buy; cuts TP to 200p from 300p
First Derivatives Panmure initiates with Buy rating; TP 677p
Glencore Xstrata Nomura resumes with reduce rating; TP 290p
Glencore Xstrata Jefferies ups TP to 425p from 400p, Buy
Great Portland Estates Exane BNP Paribas ups TP by 12 percent to 560p, neutral
Henderson Group Berenberg initiates with sell rating; TP 140p
Jupiter Fund Management Berenberg initiates with Hold rating; TP 375p
Kazakhmys Jefferies cuts TP to 350p from 500p, Hold
Kingfisher Nomura downgrades to reduce from neutral * Nomura ups TP to 280p from 270p
London Mining Jefferies cuts TP to 200p from 250p, Buy
MAN Group Berenberg initiates with sell rating; TP 105p
Mitchells and Butlers Nomura ups TP to 370p from 322p, neutral
New World Resources Jefferies cuts TP to 125p from 275p, Hold
Rio Tinto Jefferies cuts TP to 3500p from 4100p, Buy
Schroders Berenberg initiates with Hold rating; TP 2450p
Shaftesbury Jefferies ups TP to 560p from 539p, Hold
Shire SocGen ups TP to 2761p from 2334p, Buy
Thomas Cook Nomura ups to neutral from reduce; TP to 159p from 105p
Vedanta Resources Jefferies ups TP to 1200p from 1150p, Hold
Vodafone Morgan Stanley ups TP to 225p from 205p, 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.

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