>>> Brokers Upgrades & Downgrades

>>> Up
*BENI STABILI RAISED TO BUY VS NEUTRAL AT GOLDMAN
*CARL ZEISS MEDITEC RAISED TO BUY FROM HOLD AT BERENBERG
*INTERSERVE RAISED TO BUY VS ADD AT NUMIS
*RYANAIR RAISED TO NEUTRAL VS UNDERPERFORM AT BOFAML

>>> Down
*FRESENIUS MEDICAL CARE CUT TO UNDERPERFORM AT JEFFERIES
*SYNGENTA CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN

>>> PT Change


>>> Initiation
*CAPE RATED NEW OVERWEIGHT AT JPMORGAN; PT 350P
*SIEMENS REINSTATED BUY AT CITI; ADDED TO FOCUS LIST

>>> Call
>> Stock
*BRITISH AMERICAN TOBACCO REMOVED FROM CITI’S FOCUS LIST EUROPE
*INTESA SANPAOLO ADDED TO SOCGEN PREMIUM LIST, ROCHE REMOVED