>>> Europe : Brokers Upgrade & Downgrade - 17th of August 2016

>>> Up
*BHP BILLITON RAISED TO NEUTRAL AT MACQUARIE
*CINTAS RAISED TO OVERWEIGHT AT BARCLAYS
*CINTAS CORP. RAISED TO OUTPERFORM AT BAIRD
*DCC RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*ORIFLAME HOLDING RAISED TO BUY AT NORDEA
*SAVILLS RAISED TO BUY VS NEUTRAL AT CITI
*SWEDBANK RAISED TO BUY VS HOLD AT JEFFERIES

>>> Down
*ABERDEEN ASSET MGMT CUT TO UNDERPERFORM AT MACQUARIE
*BASHNEFT CUT TO HOLD AT RENAISSANCE CAPITAL
*BERENDSEN CUT TO EQUALWEIGHT AT BARCLAYS
*DIPLOMA CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*DSM CUT TO ’HOLD’ AT BAADER-HELVEA
*EUROCASH CUT TO UNDERWEIGHT AT JPMORGAN
*HENKEL CUT TO ’HOLD’ AT BAADER-HELVEA
*JUPITER CUT TO UNDERPERFORM AT MACQUARIE
*LIONTRUST ASSET MGMT. CUT TO NEUTRAL AT MACQUARIE
*MAN GROUP CUT TO NEUTRAL AT MACQUARIE
*OLD MUTUAL CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*PARKWAY PROPERTIES CUT TO NEUTRAL AT BAIRD
*PROLOGIS CUT TO NEUTRAL AT BAIRD
*SCHRODERS CUT TO UNDERPERFORM AT MACQUARIE
*STANCHART CUT TO HOLD AT HSBC
*UNITED INTERNET CUT TO HOLD VS BUY AT BANKHAUS LAMPE

>>> PT Change


>>> Initiation
*BANCO POPULAR REINSTATED AT UNDERPERFORM AT CREDIT SUISSE
*GECINA RATED NEW HOLD AT JEFFERIES, PT EU137.70
*HELLENIC TELECOM RATED NEW SELL AT BERENBERG, PT EU8
*KLEPIERRE RATED NEW HOLD AT JEFFERIES, PT EU43.30

>>> Call