>>> Brokers Upgrades & Downgrades - 4th of February 2015

>>> Up
*DIASORIN RAISED TO BUY VS HOLD AT BERENBERG
*EUROCASH RAISED TO BUY VS NEUTRAL AT UBS
*GETINGE RAISED TO BUY VS HOLD AT BERENBERG
*SECHE ENVIRONNEMENT RAISED TO BUY VS HOLD AT SOCGEN
*ZACHODNI RAISED TO NEUTRAL VS SELL AT UBS

>>> Down
*ALLREAL CUT TO NEUTRAL VS BUY AT UBS
*COLOPLAST CUT TO SELL VS HOLD AT BERENBERG
*ERICSSON CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*FRESENIUS SE CUT TO HOLD VS BUY AT BERENBERG
*IPSEN CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*LUFTHANSA CUT TO UNDERPERFORM VS SECTOR PERFORM AT RBC
*MONEYSUPERMARKET.COM CUT TO SELL VS REDUCE AT NUMIS
*SARTORIUS CUT TO HOLD VS BUY AT BERENBERG
*TIGER BRANDS CUT TO NEUTRAL VS BUY AT GOLDMAN

>>> PT Changes


>>> Initiation
*BOOKER RATED NEW BUY AT BERENBERG, PT 189P
*EUROCASH RATED NEW HOLD AT BERENBERG, PT 40 ZLOTY
*JERONIMO MARTINS RATED NEW SELL AT BERENBERG, PT EU8
*METRO AG RATED NEW HOLD AT BERENBERG, PT EU30

>>> Call
>> Stock
*NATIXIS NOTE AT EXANE : M&A or CAPITAL RETURN ? Likely Both - Note attached
*BASF ADDED, AKZO NOBEL REMOVED FROM CITI FOCUS LIST EUROPE
*ATLANTIA REMOVED FROM GOLDMAN CONVICTION BUY LIST, STAYS BUY
*U.K. WATER STKS, DRAX, VESTAS, NORDEX LIKELY M&A TGTS: GOLDMAN Note attached
*ING REMOVED FROM CREDIT SUISSE EUROPE FOCUS LIST
*SCOR REMOVED FROM GOLDMAN CONVICTION BUY LIST, STAYS BUY Note attached
* SAFRAN MODEL UPDATED AT GS - Note attached