>>> Europe : Brokers Upgrade & Downgrade - 11th of December 2015

>>> Up
*FRESNILLO RAISED TO BUY AT GOLDMAN
*GEORG FISCHER RAISED TO OUTPERFORM AT RBC CAPITAL
*IBERDROLA RAISED TO OUTPERFORM AT RBC CAPITAL
*KERING RAISED TO OUTPERFORM AT BERNSTEIN
*UBI RAISED TO HOLD VS REDUCE AT HSBC


>>> Down
*AIXTRON CUT TO HOLD FROM BUY AT BANKHAUS LAMPE
*AUTOLIV CUT TO UNDERPERFORM AT BOFA, PT $110
*TERNA CUT TO UNDERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*VOLVO CUT TO UNDERPERFORM VS NEUTRAL AT BOFA

>>> Initiation
*OPERA SOFTWARE RATED NEW BUY AT JEFFERIES


>>> PT Change


>>> Call