>>> Europe : Brokers Upgrades & Downgrades - 10th of June 2015

>>> Up
*CAIRN ENERGY RAISED TO BUY VS NEUTRAL AT CITI
*MEYER BURGER RAISED TO OUTPERFORM FROM UNDERPERFORM AT WOLFE
*SBERBANK RAISED TO BUY VS HOLD AT HSBC
*VOPAK RAISED TO BUY VS NEUTRAL AT UBS
*WASHTEC RAISED TO BUY VS HOLD AT HSBC

>>> Down
*TAYLOR WIMPEY CUT TO SELL VS NEUTRAL AT CITI

>>> PT Change


>>> Initiation
*SAVE RATED NEW NEUTRAL AT MEDIOBANCA; PT EU13.4
*ULTRA ELECTRONICS RESUMED NEUTRAL AT JPMORGAN, PT 1965P

>>> Call
>> Stock
*ALCATEL_LUCENT REITERATE BUY AT KEPLER CHEUVREUX - NOTE ATTACHED