>>> Brokers Upgrades & downgrades - 15/11/2014

See attached SG Premium List Note - lot of changes
>>> Up
*ALLIANZ SE RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*ALSTRIA RAISED TO OVERWEIGHT VS UNDERWEIGHT AT JPMORGAN
*ANGLO AMERICAN RAISED TO BUY VS NEUTRAL AT UBS
*ASTRAZENECA RAISED TO EQUAL WEIGHT AT MORGAN STANLEY
*DEUTSCHE EUROSHOP RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*ESPIRITO SANTO RAISED TO BUY VS NEUTRAL AT GOLDMAN
*SCANIA RAISED TO HOLD VS SELL AT DNB
*SHAFTESBURY RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
*STANDARD LIFE RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*STATOIL RAISED TO NEUTRAL AT NOMURA
*SWISS LIFE RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE
*TOPDANMARK RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE

>>> Down
*AUTOLIV CUT TO HOLD VS BUY AT DNB
*BRITISH LAND CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*CATLIN CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*CENTRICA CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*CONWERT CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*DANONE CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*DIRECT LINE CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*EASYJET CUT TO NEUTRAL VS BUY AT CITI
*ENI CUT TO REDUCE AT NOMURA
*FERREXPO CUT TO NEUTRAL VS BUY AT UBS
*GAGFAH CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*IGD CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*KOENIG & BAUER CUT TO HOLD VS BUY AT BANKHAUS LAMPE
*MAPFRE SA CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*QSC CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*RESOLUTION CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*SAS CUT TO SELL VS NEUTRAL AT CITI
*SONGBIRD CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*SSE CUT TO UNDERWEIGHT VS OVERWEIGHT AT BARCLAYS
*UNILEVER CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*UNITE CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*WERELDHAVE CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN

>>> PT Change


>>> Initiation
*AUTOGRILL RATED NEW BUY AT JEFFERIES, PT EU7.75
*GTECH RATED NEW BUY AT SOCGEN; PT EU30

>>> Call
>> Stock
*ABB EXIT SOCGEN PREMIUM LIST
*ANTOFAGASTA ADDED TO UBS’S LEAST PREFERRED LIST
*BAE SYSTEMS ADDED TO UBS'S MOST PREFERRED LIST
*BP ADDED TO SCOGEN PREMIUM LIST
*CASINO SOCGEN PREMIUM LIST
*EDF SOCGEN PREMIUM LIST
*FERREXPO ADDED TO UBS’S LEAST PREFERRED LIST
*GLAXOSMITHKLINE ADDED TO SOCGEN PREMIUM LIST
*GLENCORE ADDED TO UBS’S MOST PREFERRED LIST
*HEINEKEN EXIT SOCGEN PREMIUM LIST
*INDITEX REMOVED FROM UBS'S LEAST PREFERRED LIST
*ING EXIT SOCGEN PREMIUM LIST
*KLOECKNER REMOVED FROM UBS’S LEAST PREFERRED LIST
*LINDE EXIT SOCGEN PREMIUM LIST
*N BROWN ADDED TO UBS'S LEAST PREFERRED LIST
*RAUTARUUKKI ADDED TO UBS’S LEAST PREFERRED LIST
*ROCHE ADDED TO SOCGEN PREMIUM LIST
*SAFRAN REMOVED FROM UBS'S MOST PREFERRED LIST
*SALZGITTER ADDED TO UBS’S MOST PREFERRED LIST
*SES EXIT SOCGEN PREMIUM LIST
*SKF ADDED TO SOCGEN PREMIUM LIST
*TCS CUT FROM GOLDMAN’S CEEMEA FOCUS LIST