>>> Brokers Upgrades & Downgrades

>>> Up
*ARCELORMITTAL RAISED TO BUY VS SELL AT UBS
*KLOECKNER RAISED TO NEUTRAL VS SELL AT UBS
*PHOENIX RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*SALZGITTER RAISED TO BUY VS SELL AT UBS
*VOESTALPINE RAISED TO BUY VS SELL AT UBS

>>> Down
*GDF SUEZ CUT TO NEUTRAL VS BUY AT UBS
*PGS CUT TO SELL VS NEUTRAL AT UBS

>>> PT Changes

>>> Initiation
*TELKOM RATED OVERWEIGHT AT BARCLAYS, WAS SUSPENDED

>>> Call
>> Stock
*EFG HERMES REMOVED FROM GOLDMAN CEEMEA FOCUS LIST