>>> Europe : Brokers Upgrades & Downgrades - 11th of August 2015

>>> Up
*BBA AVIATION RAISED TO EQUALWEIGHT AT MORGAN STANLEY
*DIASORIN UPPED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*SANDVIK RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
*SWISS LIFE RAISED TO BUY VS NEUTRAL AT NOMURA
*TAG IMMOBILIEN RAISED TO BUY VS HOLD AT HSBC

>>> Down
*DO DEUTSCHE OFFICE CUT TO HOLD VS BUY AT ODDO
*FINMECCANICA CUT TO NEUTRAL VS BUY AT GOLDMAN (note attached)
*FIRST QUANTUM CUT TO EQUALWEIGHT VS OVERWEIGHT: MORGAN STANLEY
*KAZ MINERALS CUT TO UNDERWEIGHT VS EQUALWEIGHT: MORGAN STANLEY
*TDC CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*ULTRA ELECTRONICS CUT TO HOLD VS BUY AT KEPLER CHEUVREUX
*VZ HOLDING CUT TO NEUTRAL VS BUY AT UBS

>>> PT Chnage
*SAFRAN PT RAISED FROM €84 to €87 AT GOLDMAN ( note attached)

>>> Initiation
*KIER GROUP RATED OVERWEIGHT AT JPMORGAN; WAS NOT RATED
*UK MAIL RATED HOLD AT CANTOR FITZGERALD; WAS UNDER REVIEW

>>> call
>> Stock
*CAP GEMINI ADDED, ARM REMOVED FROM CITI FOCUS LIST EUROPE
*SAF-HOLLAND REPLACES BERTRANDT IN BANKHAUS LAMPE ALPHA LIST
>> Sector
*INDUSTRIAL SECTOR UPDATE AT GOLDMAN (Note Attached)