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Upgrades/Downgrades - 31 May 2013

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For a more detailed explanation of Upgrades/Downgrades see Link

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

Amlin HSBC ups TP to  455p from 435p: Neutral
Aviva HSBC ups TP to 355p from 350p: Neutral
Capital and Counti Cantor Fitzgerald ups TP to 300p from 233p, Hold
Catlin Group HSBC ups TP to 609p from 582p: Neutral
Genel Energy Credit Suisse ups TP to 1246p from 1236p: Outperform
Hiscox HSBC ups TP 540p to 467.8p: Underweight
Kenmare Resources VSA Capital ups TP to 25p from 22.4p: Sell
Legal and General HSBC ups TP to 215p from 195p: Overweight
MAN Group HSBC ups TP to 107p from 94p: Underweight
Marks and Spencer Panmure Gordon ups TP to 516p from 471p: Buy
National Grid JP Morgan Cazenove cuts TP to 735p from 785p: Neutral
Prudential HSBC ups TP to 1385p from 1375p: Overweight
Severn Trent HSBC ups TP to 1860p from 1840p: Underweight
Severn Trent S&P Capital ups TP 1800p from 1600p: Hold
Standard Life HSBC ups TP to 330p from 310p: Underweight
Tate & Lyle Panmure Gordon downgrades to sell from Hold; 750p TP
Tate & Lyle Citigroup ups TP to 1000p from 900p: Buy
Tate and Lyle UBS ups TP to 890p from 830p: Neutral
Tate and Lyle SocGen cuts TP to 955p from 975p: Buy
Tullow Oil Credit Suisse cuts TP to 1270p from 1289p; Neutral
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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