>>> Brokers Upgrades & Downgrades

>>> Up
*LVMH RAISED TO BUY FROM HOLD AT BERENBERG; PT EU150
*ROSNEFT RAISED TO BUY VS NEUTRAL AT BOFAML
*TAURON POLSKA ENERGIA RAISED TO NEUTRAL VS SELL AT GOLDMAN

>>> Down
*ESSAR ENERGY CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS

>>> PT Change


>>> Initiation
*MERLIN ENTERTAINMENTS RATED NEW NEUTRAL AT GOLDMAN, PT 380P

>>> Country Sector Stock Call
>> Sector
*EUROPEAN UTILITIES CUT TO UNDERWEIGHT AT CREDIT SUISSE
*EUROPEAN AUTOS CUT TO BENCHMARK AT CREDIT SUISSE