>>> Brokers Upgrades & Downgrades - 15th of April 2015

>>> Up
*AFRICA OIL RAISED TO BUY VS NEUTRAL AT GOLDMAN
*SPIRE HEALTHCARE RAISED TO ADD VS HOLD AT NUMIS
*TULLOW OIL RAISED TO BUY VS NEUTRAL AT GOLDMAN (note attached)

>>> Down
*BAUER CUT TO HOLD FROM BUY AT BANKHAUS LAMPE
*KERING CUT TO HOLD VS BUY AT BERENBERG
*YARA CUT TO HOLD VS BUY AT LIBERUM
*VIVENDI CUT TO HOLD VS BUY AT SOCGEN

>>> PT Change


>>> Initiation
*ANITE RATED NEW BUY AT LIBERUM, PT 100P
*OVS INITIATED AT NEUTRAL AT CREDIT SUISSE; PT EU5
*WIZZ AIR RATED NEW BUY AT HSBC, PT 1,700P

>>> Call
>> Sector
- Shell-BG May Not Spark M&A ‘Frenzy,’ Tullow Expensive: Jefferies