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Upgrades/Downgrades - 24 June 2013

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

Bwin.Party Digital Entertainment Panmure cuts TP to 202p from 239p, Buy
Cohort Investec ups TP to 205p from 170p, Buy
Devro Investec cuts TP to 358p from 387p, Buy
J Sainsbury Citigroup downgrades to sell from neutral; ups TP to 385p from 350p
Oxford Instruments N+1 Singer cuts TP to 1390p from 1530p, Hold
Tesco HSBC cuts TP to 420p from 430p, overweight
Vodafone UBS removes from European key call list
WM Morrison Supermarkets Citigroup downgrades to neutral from Buy; ups TP to 325p from 280p
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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