>>> Brokers Upgrades & Downgrades - 03/04/2014

>>> Up
*ASOS RAISED TO HOLD VS SELL AT SOCGEN
*MITCHELLS & BUTLERS RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*TULLOW OIL RAISED TO BUY VS NEUTRAL AT UBS
*VTB RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT MORGAN STANLEY
*888 HOLDINGS RAISED TO OVERWEIGHT AT MORGAN STANLEY

>>> Down
*DEUTSCHE BANK CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*HSBC CUT TO HOLD VS BUY AT INVESTEC
*PERNOD RICARD CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*PRADA CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE; PT HK$63
*PRADA CUT TO SELL VS NEUTRAL AT BOCOM INTL, PT HK$52 VS HK$56
*SOLVAY CUT TO NEUTRAL VS BUY AT UBS
*STADA CUT TO SELL VS HOLD AT BERENBERG
*TRAKYA CUT TO UNDERPERFORM VS NEUTRAL AT BOFAML

>>> PT Change
*Atlantia PT Raised to EU18 vs EU17 at RBC
*PRADA PT CUT TO HK$60 VS HK$74 AT JPMORGAN, NEUTRAL KEPT
*Puma PT Cut to EU200 vs EU210 at Raymond James

>>> Initiation
*ABLYNX RATED NEW NEUTRAL AT GOLDMAN, PT EU10.5
*BG GROUP RATED NEW OUTPERFORM AT COWEN
*BP RATED NEW MARKET PERFORM AT COWEN
*GALAPAGOS RATED NEW BUY AT GOLDMAN, PT EU24
*PACE RATED NEW HOLD AT LIBERUM, PT 420P
*ROYAL DUTCH SHELL RATED NEW MARKET PERFORM AT COWEN

>>> Call
>> Stock
*DAILY MAIL ADDED TO CONVICTION BUY LIST AT GOLDMAN
*HERITAGE OIL REMOVED FROM UBS’S MOST PREFERRED LIST