>>> Brokers Upgrades & Downgrades - 25/04/2014

>>> Up
*ACCENTURE RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*NOVOZYMES RAISED TO NEUTRAL VS SELL AT CITI
*OPHIR ENERGY RAISED TO BUY VS NEUTRAL AT UBS
*SAFT RAISED TO NEUTRAL VS REDUCE AT ODDO

>>> Down
*HANNOVER RE CUT TO HOLD VS BUY AT DZ
*HSBC CUT TO UNDERWEIGHT FROM OVERWEIGHT AT MORGAN STANLEY
*MERAFE CUT TO NEUTRAL VS BUY AT BOFAML
*SAIPEM CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*SUEZ ENVIRONNEMENT CUT TO EQUALWEIGHT AT MORGAN STANLEY
*TECHNIP CUT TO UNDERPERFORM VS MARKET PERFORM AT RAYMOND JAMES
*UNILEVER CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS

>>> PT Change
*MELEXIS PT RAISED TO EU30 FROM EU26 AT ING

>>> Initiation
*BP RATED NEW BUY AT JEFFERIES

>>> Call