>>> Brokers Upgrades & Downgrades -31/03/2014

>>> Up
*DELHAIZE RAISED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN
*EURASIA DRILLING RAISED TO BUY VS HOLD AT SOCGEN
*FINNAIR RAISED TO HOLD VS SELL AT NORDEA
*HANNOVER RE CUT TO NEUTRAL VS OUTPERFORM AT MEDIOBANCA
*ING U.S. RAISED TO BUY VS NEUTRAL AT GOLDMAN
*JUNGHEINRICH RAISED TO BUY VS HOLD AT DEUTSCHE BANK
*PIRELLI RAISED TO BUY VS HOLD AT SOCGEN


>>> Down
*ATRIA CUT TO STRONG SELL VS SELL AT NORDEA
*FAIVELEY CUT TO HOLD VS BUY AT SOCGEN
*FORBO CUT TO NEUTRAL VS BUY AT UBS
*SMA CUT TO HOLD VS BUY AT DEUTSCHE BANK
*SWEDISH ORPHAN CUT TO SELL VS NEUTRAL AT GOLDMAN

>>> PT Change
*BUZZI UNICEM PT CUT TO EU13.6 VS EU14 AT CITI; KEPT AT NEUTRAL
*INTESA PT RAISED TO EU3.1 VS EU2.4 AT BOFAML; KEPT AT BUY
*INTESA PT RAISED TO EU2.75 VS EU2.45 AT UBS; KEPT AT BUY
*Intesa PT Raised 5% to EU2.1 at Exane; Kept at Neutral

>>> Initiation


>>> Call
>> Stock

>> Country
*Credit Suisse Keeps Overweight Italy Equities Though Overbought