>>> Brokers Ups & Downs

Up

*AXA RAISED TO OUTPERFORM VS SECTOR PERFORM AT RBC *BIM RAISED TO NEUTRAL VS SELL AT UBS *GJENSIDIGE RAISED TO NEUTRAL VS UNDERPERFORM AT BOFAML *PONSSE RAISED TO BUY VS HOLD AT NORDEA *RAIFFEISEN RAISED TO BUY VS REDUCE AT NOMURA *SYNGENTA RAISED TO OVERWEIGHT VS NEUTRAL AT HSBC *TELE2 RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT MORGAN STANLEY

Down

*ALLIANZ CUT TO SECTOR PERFORM VS OUTPERFORM AT RBC *ARM CUT TO NEUTRAL VS BUY AT UBS *BANKINTER CUT TO NEUTRAL VS BUY AT CITI *BEZEQ CUT TO SELL VS NEUTRAL AT CITI *BT CUT TO SELL VS NEUTRAL AT UBS *GROUPE EUROTUNNEL CUT TO MARKET PERFORM AT RAYMOND JAMES *MILLICOM CUT TO NEUTRAL VS BUY AT UBS *OCADO CUT TO UNDERPERFORM VS NEUTRAL AT EXANE, PT 300P *REMY COINTREAU CUT TO UNDERPERFORM AT BERNSTEIN *SNAM CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY *TALKTALK CUT TO SELL VS NEUTRAL AT UBS *VOZROZHDENIE BANK CUT TO NEUTRAL VS BUY AT GOLDMAN

PT Change

*Terna PT Raised to EU3.66 vs EU3.56 at Morgan Stanley

Initiation

*INMARSAT RATED NEW HOLD AT BERENBERG; PT 775P *OCI RATED NEW OVERWEIGHT AT HSBC; PT EU32

Country Sector Stock Call

*BT ADDED TO UBS’S LEAST PREFERRED LIST