>>> Europe : Brokers upgrade & Downgrade - 4th os September 2015

>>> Up
*ALTICE RAISED TO NEUTRAL VS SELL AT CITI
*DEUTSCHE TELEKOM RAISED TO HOLD VS SELL AT BANKHAUS LAMPE
*ENI RAISED TO OUTPERFORM VS NEUTRAL AT MEDIOBANCA
*HIKMA RAISED TO BUY VS NEUTRAL AT GOLDMAN
*INFINEON RAISED TO OVERWEIGHT AT JPMORGAN
*KINGFISHER RAISED TO OUTPERFORM VS NEUTRAL AT EXANE
*NATIXIS RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*NEOPOST RAISED TO BUY VS HOLD AT SOCGEN
*ORKLA RAISED TO BUY AT DNB MARKETS
*VIENNA INSURANCE RAISED TO MARKET PERFORM AT KEEFE BRUYETTE


>>> Down
*BP CUT TO UNDERPERFORM FROM NEUTRAL AT BOFA MERRILL LYNCH
*KERING CUT TO SELL VS NEUTRAL AT GOLDMAN
*UNICREDIT CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*YOOX CUT TO NEUTRAL VS OUTPERFORM AT EXANE

>>> Initiate
*ABB RATED NEW SELL AT BERENBERG, PT CHF17
*ACERINOX RATED NEW NEUTRAL AT CITI
*ALSTOM REINITIATED HOLD AT BERENBERG, PT EU29
*APERAM RATED NEW BUY AT CITI
*GJENSIDIGE FORSIKRING RATED NEW HOLD AT HSBC
*HSS HIRE GROUP RATED HOLD VS UNDER REVIEW AT BERENBERG
*LEGRAND RATED NEW BUY AT BERENBERG, PT EU60
*NEXT CUT TO UNDERPERFORM VS NEUTRAL AT EXANE
*OUTOKUMPU RATED NEW BUY AT CITI
*REXEL RATED NEW HOLD AT BERENBERG, PT EU14.5
*SAMPO OYJ RATED NEW BUY AT HSBC
*SCHNEIDER RATED NEW BUY AT BERENBERG, PT EU72
*SIEMENS RATED NEW HOLD AT BERENBERG, PT EU95
*TOPDANMARK RATED NEW BUY AT HSBC, PT DKK206
*TRYG AS RATED NEW HOLD AT HSBC

>>> PT change


>>> Call
>> Stock
*HIKMA ADDED TO CEEMEA FOCUS LIST AT GOLDMAN
*RICHEMONT EXITS GOLDMAN CONVICTION BUY LIST, STAYS BUY