>>> Brokers Upgrades & Downgrades - 23/01/2014

>>> Up
*AEGON RAISED TO BUY VS NEUTRAL AT BOFAML
*ASSORE RAISED TO BUY VS SELL AT UBS
*BOVIS HOMES RAISED TO BUY VS NEUTRAL AT BOFAML
*CRODA RAISED TO EQUALWEIGHT AT BARCLAYS
*HAMMERSON RAISED TO EQUALWEIGHT AT MORGAN STANLEY

*JUPITER RAISED TO BUY VS HOLD AT SOCGEN
*K+S RAISED TO EQUALWEIGHT AT BARCLAYS
*RAUTARUUKKI RAISED TO EQUALWEIGHT VS UNDERWEIGHT:MORGAN STANLEY
*REMY COINTREAU RAISED TO NEUTRAL VS SELL AT CITI
*SSAB RAISED TO NEUTRAL VS REDUCE AT NOMURA
*SAMPO RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*SOCIETE GENERALE RAISED TO OUTPERFORM VS SECTOR PERFORM AT RBC
*STRAUMANN RAISED TO HOLD VS REDUCE AT KEPLER CHEUVREUX
*YARA RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS

>>> Down
*AKZO NOBEL CUT TO UNDERWEIGHT AT BARCLAYS
*ASOS CUT TO NEUTRAL VS BUY AT GOLDMAN
*BRUNEL INTERNATIONAL CUT TO HOLD VS BUY AT KEPLER CHEUVREUX
*CAPITEC BANK CUT TO NEUTRAL VS BUY AT UBS
*CASINO CUT TO NEUTRAL VS BUY AT GOLDMAN
*DNO INTERNATIONAL CUT TO SELL VS NEUTRAL AT GOLDMAN
*DSM CUT TO NEUTRAL VS OUTPERFORM AT MACQUARIE
*GENEL ENERGY CUT TO NEUTRAL VS BUY AT GOLDMAN
*GULF KEYSTONE CUT TO NEUTRAL VS BUY AT GOLDMAN
*INDITEX CUT TO NEUTRAL VS BUY AT GOLDMAN
*KOMAX CUT TO NEUTRAL VS BUY AT UBS
*LANXESS CUT TO UNDERWEIGHT AT BARCLAYS
*SEVERN TRENT CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*YAPI KREDI CUT TO UNDERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY

>>> PT Changes
*DIASORIN PT RAISED TO EU36 VS EU34 AT BERENBERG; KEPT AT HOLD
*Telecom Italia Ord PT Raised to EU0.65 vs EU0.62 at Barclays

>>> Initiation
*HAYS RATED NEW HOLD AT KEPLER CHEUVREUX; PT 150P
*MONCLER RATED NEW NEUTRAL AT NOMURA; PT EU14
*SCHNEIDER RESUMED NEUTRAL AT BOFAML, PT EU68


>>> Call
>> Stock
*DSM REMOVED FROM BOFAML'S EUROPE 1 LIST