>>> Brokers Upgrades & Downgrades - 17th of November 2014

>>> Up
*COLRUYT RAISED TO HOLD VS UNDERPERFORM AT JEFFERIES
*INDRA RAISED TO NEUTRAL FROM SELL AT GOLDMAN
*LAGARDERE RAISED TO NEUTRAL FROM SELL AT GOLDMAN
*MORRISONS RAISED TO BUY VS SELL AT GOLDMAN; PT TO 207P VS 172P

>>> Down
*CONTINENTAL AG CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*FENNER CUT TO NEUTRAL VS BUY AT UBS
*M.VIDEO CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*POLYUS GOLD CUT TO SELL VS NEUTRAL AT UBS

>>> PT Changes
*KBC PT RAISED TO EU52.50 FROM EU50.50 AT ING
*SCHIBSTED PT RAISED TO NOK707 AT GOLDMAN; CL-BUY REPEATED
*TESCO PT CUT TO 155P FROM 250P AT GOLDMAN; REPEATED SELL

>>> Initiation
*AB FOODS RATED NEW BUY AT LIBERUM, PT 3,470P
*BEIERSDORF RATED NEW BUY AT LIBERUM, PT EU76
*DANONE RATED NEW BUY AT LIBERUM, PT EU60
*DBV TECHNOLOGIES RATED NEW OUTPERFORM AT LEERINK, PT $44
*KERRY GROUP RATED NEW HOLD AT LIBERUM, PT EU56
*L’OREAL RATED NEW HOLD AT LIBERUM, PT EU124
*NESTLE RATED NEW HOLD AT LIBERUM, PT CHF75
*ONTEX RATED NEW BUY AT LIBERUM, PT EU25.4
*RECKITT BENCKISER RATED NEW BUY AT LIBERUM, PT 5,860P
*SCA RATED NEW BUY AT LIBERUM, PT SEK190
*TATE & LYLE RATED NEW SELL AT LIBERUM, PT 560P
*UNILEVER RATED NEW SELL AT LIBERUM, PT EU28.6

>>> Call
>> Sector
*EUROZONE EQUITY RAISED TO OVERWEIGHT VS UNDERWEIGHT AT JPMORGAN
*U.S. EQUITY CUT TO UNDERWEIGHT VS OVERWEIGHT AT JPMORGAN