>>> Brokers Upgrades & DOwngrades - 3rd of February 2015

>>> Up
*BRITVIC RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*HUNTING RAISED TO NEUTRAL VS REDUCE AT NOMURA
*SUEDZUCKER RAISED TO NEUTRAL VS SELL AT GOLDMAN

>>> Down
*AKER SOLUTIONS CUT TO REDUCE VS NEUTRAL AT NOMURA
*AMERISUR RESOURCES CUT TO OUTPERFORM VS TOP PICK AT RBC
*BASF CUT TO SELL VS HOLD AT BERENBERG
*CLARIANT RAISED TO BUY VS HOLD AT BERENBERG
*CRODA CUT TO HOLD VS BUY AT BERENBERG
*DASSAULT SYSTEMES CUT TO HOLD AT JEFFERIES
*ELEMENTIS CUT TO HOLD VS BUY AT BERENBERG
*EUTELSAT CUT TO NEUTRAL VS BUY AT UBS
*FUCHS PETROLAB CUT TO SELL VS HOLD AT BERENBERG
*L’OREAL CUT TO HOLD VS BUY AT BANKHAUS LAMPE
*MICHELIN CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*NOKIAN RENKAAT CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*PROSIEBENSAT.1 CUT TO HOLD VS BUY AT BANKHAUS LAMPE
*SES CUT TO NEUTRAL VS BUY AT UBS
*SOLVAY CUT TO SELL VS HOLD AT BERENBERG
*SYMRISE CUT TO HOLD VS BUY AT BERENBERG
*SYNGENTA CUT TO SELL VS HOLD AT BERENBERG

>>> PT Change
*ECONOCOM PT RAISED TO EU7 FROM EU5.75 AT ING

>>> Initiation
*NORSK HYDRO RESUMED BUY AT NOMURA, PT NOK55
*OSRAM LICHT RATED NEW BUY AT BANKHAUS LAMPE, PT EU50
*SSAB RATED NEW UNDERPERFORM AT RBC, PT SEK40
*SALZGITTER RATED NEW SECTOR PERFORM AT RBC, PT EU26
*VOESTALPINE RATED NEW OUTPERFORM AT RBC, PT EU37

>>> Call
>> Stock
*HEIDELBERGCEMENT REPLACES K+S ON BANKHAUS LAMPE ALPHA LIST