>>> Brokers Upgrades & Dowmgrades - 16th of january 2015

>>> Up
*ALMIRALL RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*ENEL RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE
*RBS RAISED TO HOLD VS SELL AT INVESTEC
*TALKTALK RAISED TO BUY VS NEUTRAL AT GOLDMAN

>>> Down
*AIR FRANCE-KLM CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*ASTRAZENECA CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*BAYER CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*COUNTRYWIDE CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*DIGNITY CUT TO HOLD VS BUY AT BERENBERG
*DS SMITH CUT TO HOLD VS BUY AT BERENBERG
*LUFTHANSA CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*MEDASSETS CUT TO NEUTRAL VS OUTPERFORM AT ROBERT BAIRD
*MERCK KGAA RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*NESTLE CUT TO UNDERPERFORM VS NEUTRAL AT EXANE, PT CHF66
*SHIRE CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*SWEDISH MATCH CUT TO NEUTRAL VS BUY AT NOMURA

>>> PT Changes


>>> Initiation
*C&C RESUMED NEUTRAL AT GOLDMAN
*TALKTALK RATED NEW HOLD AT SOCGEN, PT 320P

>>> Call
>> Stock
*CREDIT SUISSE EXITS GOLDMAN CONVICTION BUY LIST, STAYS BUY
*DSM REMOVED FROM GOLDMAN CONVICTION BUY LIST, STAYS BUY
*MTU AERO ENGINES EXITS GOLDMAN CONVICTION BUY LIST, STAYS BUY
*SIKA ADDED TO CONVICTION BUY LIST AT GOLDMAN
*ZURICH INSURANCE EXITS GOLDMAN CONVICTION BUY LIST, STAYS BUY