>>> Brokers Upgrades & Downgrades - 21/05/2014

>>> Up
*C&C GROUP RAISED TO HOLD VS SELL AT SOCGEN
*EON RAISED TO OUTPERFORM VS UNDERPERFORM AT RBC
*IPSEN RAISED TO BUY VS NEUTRAL AT BOFAML
*N BROWN RAISED TO NEUTRAL VS SELL AT UBS
*NOKIA RAISED TO BUY AT JEFFERIES
*PETROFAC RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*R STAHL RAISED TO OVERWEIGHT VS NEUTRAL AT HSBC
*RWE RAISED TO SECTOR PERFORM VS UNDERPERFORM AT RBC
*SONOVA RAISED TO NEUTRAL VS UNDERPERFORM AT EXANE

>>> Down
*BHP BILLITON CUT TO HOLD VS BUY AT LIBERUM
*EUROCOMMERCIAL CUT TO NEUTRAL VS BUY AT GOLDMAN
*MARKS & SPENCER CUT TO NEUTRAL VS BUY AT CITI
*MORRISON SUPERMKTS CUT TO SELL AT DEUTSCHE BANK

>>> PT Change
*ATLANTIA PT RAISED TO EU21 VS EU19 AT NOMURA; KEPT AT BUY
*ASTRAZENECA STANDALONE PT RAISED TO 5,000P VS 4,825P AT UBS
*ENEL PT CUT TO EU3.6 VS EU3.65 AT GOLDMAN; KEPT AT SELL
*POLAND WON’T ACCELERATE ITS EURO ADOPTION PLANS, TUSK SAYS

>>> Initiation
*ANIMA HOLDING RATED NEW BUY AT UBS, PT EU4.40
*ANIMA RATED NEW BUY AT KEPLER, PT EU4.70
*ENABLE MIDSTREAM PARTNERS RATED NEW NEUTRAL AT GOLDMAN, PT $24
*ENQUEST REINSTATED OUTPERFORM AT CREDIT SUISSE, PT 161P

>>> Call
>> Stock
*ANIMA ADDED TO UBS’S MOST PREFERRED LIST
*DIALOG SEMICONDUCTOR REMOVED FROM DZ BANK'S LONG IDEAS LIST
*VTG, SAP REMOVED FROM TOP PICKS LIST AT HELVEA/BAADER BANK
*VODAFONE REMOVED FROM UBS’S EUROPEAN KEY CALL LIST