>>> Europe : Brokers Upgrade & DOwngrade - 2nd of February 2016

>>> Up
*BENI STABILI RAISED TO BUY VS HOLD AT SOCGEN
*CREDIT AGRICOLE RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
*GENEL ENERGY RAISED TO BUY VS HOLD AT LIBERUM
*HIKMA RAISED TO BUY VS NEUTRAL AT BOFAML
*IGD RAISED TO BUY VS HOLD AT SOCGEN
*PREMIER OIL RAISED TO MARKET PERFORM VS UNDERPERFORM AT BMO
*ROYAL DUTCH SHELL RAISED TO BUY VS NEUTRAL AT CITI
*ROYAL DUTCH SHELL RAISED TO BUY VS HOLD AT LIBERUM
*TALANX RAISED TO BUY AT BAADER-HELVEA

>>> Down
*BG CUT TO SELL VS BUY AT LIBERUM
*BP CUT TO HOLD VS BUY AT LIBERUM
*GAMESA CUT TO HOLD AT HSBC (YESTERDAY)
*ITHACA ENERGY CUT TO SELL VS HOLD AT LIBERUM
*LOGITECH CUT TO UNDERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*NORDEA CUT TO REDUCE VS ADD AT ALPHAVALUE
*OPHIR CUT TO SELL VS HOLD AT LIBERUM
*PETROCELTIC CUT TO SELL VS HOLD AT LIBERUM
*SNAM CUT TO HOLD VS BUY AT HSBC
*TELENOR CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*TOTAL CUT TO HOLD VS BUY AT LIBERUM
*TULLOW OIL CUT TO HOLD VS BUY AT LIBERUM
*VALEO CUT TO UNDERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY

>>> PT Change


>>> Initiation
*A.G.BARR RATED NEW OVERWEIGHT AT JPMORGAN; PT 620P
*BAT REINITIATED AT BUY AT BERENBERG; PT 4,285P
*BRITVIC RATED NEW UNDERWEIGHT AT JPMORGAN; PT 650P
*IMPERIAL TOBACCO REINITIATED AT BUY AT BERENBERG; PT 4,230P
*PHILIP MORRIS INTL REINITIATED AT HOLD AT BERENBERG; PT $90
*TAILORED BRANDS INC RATED NEW HOLD AT JEFFERIES

>>> Call
>> Index
*GLOBAL EQUITIES CUT TO BENCHMARK BY CREDIT SUISSE’S GARTHWAITE
*S&P 500 YEAR-END TARGET CUT TO 2050 VS 2150 AT CREDIT SUISSE