>>> Brokers Upgrades & Downgrades - 2nd of December 2014

>>> Up
*FORTUM RAISED TO BUY FROM SELL AT INVESTEC
*MAJESTIC WINE RAISED TO HOLD VS SELL AT LIBERUM
*MTN GROUP RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*STATOIL ASA RAISED TO HOLD AT SANTANDER
*SUPERGROUP RAISED TO BUY VS HOLD AT LIBERUM

>>> Down
*ABERDEEN ASSET CUT TO SECTOR PERFORM AT RBC CAPITAL; PT GBP500
*GEM EQUITIES CUT TO UNDERWEIGHT VS BENCHMARK AT CREDIT SUISSE
*KGHM CUT TO HOLD VS BUY AT ING
*PARAGON CUT TO SECTOR PERFORM VS OUTPERFORM AT RBC
*SAAB CUT TO HOLD VS BUY AT JEFFERIES

>>> PT Change


>>> Initiation
*AECI RATED NEW BUY AT UBS, PT 15,500 RAND
*GENEL ENERGY RATED NEW BUY AT JEFFERIES
*INTEGER RATED NEW SELL AT ING, PT 161 ZLOTY
*OMNIA HOLDINGS RATED NEW SELL AT UBS, PT 19,000 RAND
*SUMMIT GERMANY RATED NEW BUY AT LIBERUM, PT EU0.95

>>> Call
>> Stock
*BHP BILLITON, UBS, DANONE ADDED TO CITI EUROPE FOCUS LIST
*EON, EDF, Drax, Centrica Undervalued Industrial Leaders: Goldman
*RIO TINTO, SIEMENS REMOVED FROM EUROPE FOCUS LIST AT CITI
>> Country
*U.K. EQUITIES RAISED TO BENCHMARK VS UNDERWEIGHT: CREDIT SUISSE
*GERMANY, SPAIN EQUITIES RAISED TO OVERWEIGHT AT CREDIT SUISSE
*FRANCE EQUITIES CUT TO BENCHMARK AT CREDIT SUISSE