>>> Brokers Upgrades & Downgrades - 29th of Sept. 2014

>>> Up
*DEUTSCHE BANK RAISED TO BUY FROM HOLD AT BANKHAUS LAMPE
*IMPALA PLATINUM HOLDINGS RAISED TO BUY VS NEUTRAL AT UBS
*MICRO FOCUS RAISED TO BUY VS NEUTRAL AT UBS
*NOVATEK RAISED TO BUY VS HOLD AT SOCGEN
*PETROFAC RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*PHILIPS RAISED TO BUY VS HOLD AT ING
*ROTORK RAISED TO BUY VS NEUTRAL AT BOFAML
*VALLOUREC RAISED TO HOLD VS SELL AT SOCGEN

>>> Down
*ALLIANZ CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*BASHNEFT CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*IGD CUT TO SELL VS BUY AT SOCGEN
*MODERN TIMES GROUP CUT TO NEUTRAL VS BUY AT UBS
*TNT EXPRESS CUT TO NEUTRAL VS BUY AT UBS

>>> PT Changes


>>> Initiation
*EVONIK RATED NEW BUY AT BANKHAUS LAMPE; PT EU32
*VALMET RATED BUY AT BERENBERG; WAS UNDER REVIEW
*VECTURA RATED NEW OVERWEIGHT AT BARCLAYS

>>> Call
>> Stock
*JUST EAT REMOVED FROM GOLDMAN CONVICTION BUY LIST, STAYS BUY
>> Sector
*Stay Overweight Global Tech as Valuations Remain Low: JPMorgan