>>> Brokers Upgrades & Downgrades - 14th of April 2015

>>> Up
*FORTUM RAISED TO NEUTRAL VS SELL AT CITI
*GAZPROM RAISED TO BUY VS NEUTRAL AT UBS
*TULLOW OIL RAISED TO BUY VS NEUTRAL AT CITI

>>> Down
*ABERDEEN ASSET MGMT CUT TO UNDERPERFORM AT RBC CAPITAL
*BP CUT TO NEUTRAL VS BUY AT CITI
*GAZPROM NEFT CUT TO NEUTRAL VS BUY AT UBS
*HSBC CUT TO SELL VS HOLD AT INVESTEC
*ICADE CUT TO NEUTRAL VS BUY AT UBS
*JD WETHERSPOON CUT TO REDUCE VS HOLD AT NUMIS, PT 680P VS 800P
*LUKOIL CUT TO NEUTRAL VS BUY AT UBS
*MARSTON’S CUT TO ADD VS BUY AT NUMIS, PT 180P
*METRO AG CUT TO SELL VS HOLD AT SOCGEN
*SHELL CUT TO HOLD AT JEFFERIES
*TATNEFT CUT TO NEUTRAL VS BUY AT UBS
*VERBUND CUT TO SELL VS NEUTRAL AT CITI
*VOESTALPINE CUT TO SECTOR PERFORM VS OUTPERFORM AT RBC

>>> PT Change
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>>> Initiation
*AB INBEV RATED NEW NEUTRAL AT SUSQUEHANNA, PT $133
*BALOISE RATED NEW NEUTRAL AT UBS, PT CHF130
*GJENSIDIGE RATED NEW SELL AT UBS, PT NOK127
*HELVETIA RATED NEW BUY AT UBS, PT CHF610
*SAMPO RATED NEW SELL AT UBS, PT EU43
*STOREBRAND RATED NEW NEUTRAL AT UBS, PT NOK30
*SWISS LIFE RATED NEW BUY AT UBS, PT CHF285
*TOPDANMARK RATED NEW NEUTRAL AT UBS, PT DKK218
*TRYG RATED NEW NEUTRAL AT UBS, PT DKK800

>>> Call
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