>>> Brokers Upgrades & Downgrades -27/03/2014

>>> Up
*AFRICAN BARRICK GOLD RAISED TO OVERWEIGHT VS NEUTRAL:JPMORGAN
*BMW RAISED TO NEUTRAL FROM UNDERPERFORM AT EXANE; PT EU98
*CAIRN ENERGY RAISED TO BUY VS NEUTRAL AT GOLDMAN
*CAIXABANK RAISED TO NEUTRAL VS UNDERPERFORM AT BOFAML
*GAZPROM RAISED TO BUY VS NEUTRAL AT BOFAML
*JCDECAUX RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*MOBISTAR RAISED TO OUTPERFORM VS NEUTRAL AT EXANE
*NEOPOST RAISED TO HOLD VS SELL AT SOCGEN
*PEKAO RAISED TO BUY VS HOLD AT ING
*STANDARD CHARTERED RAISED TO HOLD VS SELL AT BERENBERG
*TELEKOM AUSTRIA RAISED TO OUTPERFORM VS NEUTRAL AT EXANE
*TESSENDERLO RAISED TO HOLD FROM SELL AT ING
*TURK TELEKOM RAISED TO EQUALWEIGHT AT MORGAN STANLEY

>>> Down
*ORPEA CUT TO HOLD VS BUY AT SOCGEN
*PARTNERS GROUP CUT TO NEUTRAL VS OUTPERFORM AT MEDIOBANCA
*SMT SCHARF AG CUT TO SELL VS HOLD AT BANKHAUS LAMPE
*TELE2 CUT TO UNDERPERFORM VS NEUTRAL AT BOFAML
*TELEFONICA DEUTSCHLAND CUT TO NEUTRAL VS OUTPERFORM AT EXANE
*TITAN CEMENT CUT TO NEUTRAL VS BUY AT GOLDMAN

>>> PT Change
*KBC PT RAISED TO EU50.50 FROM EU50 AT ING
*TESSENDERLO PT RAISED TO EU20 FROM EU15.50 AT ING

>>> Initiation
*DEUTSCHE ANNINGTON IMMOBILIEN RATED NEW BUY AT BANKHAUS LAMPE

>>> Call
>> Stock

>> Country
*CREDIT SUISSE REDUCES UNDERWEIGHT ON RUSSIAN STOCKS