>>> Brokers Upgrades & Downgrades - 7th of January 2015

>>> Up
*TRYG RAISED TO HOLD VS SELL AT BERENBERG
*UBS RAISED TO BUY VS NEUTRAL AT ODDO
*UBS RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*SHANKS RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*VESTAS WIND RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS

>>> Down
*BETFAIR CUT TO NEUTRAL VS BUY AT CITI
*BEZEQ CUT TO NEUTRAL VS BUY AT UBS
*BNP PARIBAS CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*BNP CUT TO NEUTRAL VS BUY AT ODDO
*BOSKALIS CUT TO HOLD VS BUY AT KEMPEN
*CARD FACTORY CUT TO NEUTRAL VS BUY AT UBS
*EURONEXT CUT TO NEUTRAL VS BUY AT GOLDMAN
*JULIUS BAER CUT TO HOLD VS BUY AT DEUTSCHE BANK
*JULIUS BAER CUT TO REDUCE VS BUY AT ODDO
*LVMH CUT TO HOLD VS BUY AT DEUTSCHE BANK
*PADDY POWER CUT TO NEUTRAL VS BUY AT CITI
*SANOFI CUT TO SELL VS NEUTRAL AT CITI

>>> PT Changes


>>> Initiation


>>> Call
>> Sector
*GLOBAL CONSUMER DISCRETIONARY SECTOR UPPED TO OVERWEIGHT: CITI
>> Country
*U.K. EQUITIES CUT TO UNDERWEIGHT VS NEUTRAL AT CITI