>>> Brokers Upgrades & Downgrades

>>> Up
*CRH RAISED TO NEUTRAL FROM UNDERPERFORM AT BOFAML

>>> Down
*ARCELORMITTAL CUT TO REDUCE VS BUY AT NOMURA

>>> PT change
*RSA Raised to Buy at UBS; Fundamentals Unchanged After Slump

>>> Initiation
*AIR FRANCE RATED NEW HOLD AT LIBERUM, PT EU7.10
*HOLCIM RAISED TO BUY FROM UNDERPERFORM AT BOFAML
*IAG RATED NEW BUY AT LIBERUM, PT 450P
*IMAGINATION RATED OVERWEIGHT AT MORGAN STANLEY, WAS NOT RATED
*LUFTHANSA RATED NEW BUY AT LIBERUM, PT EU19.25
*NUMERICABLE GROUP RATED NEW EQUALWEIGHT AT BARCLAYS, PT EU26
*PORTUGAL TELECOM RATED NEW NEUTRAL AT BTIG

>>> Country Sector stock
>> Stock
*RBS ADDED TO UBS’S LEAST PREFERRED LIST