>>> Europe : Brokers Upgrades & Downgrades - 12th of August 2015

>>> Up
*AUSTRIAN POST RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*INTU PROPERTIES RAISED TO BUY VS NEUTRAL AT UBS
*KONECRANES RAISED TO BUY VS HOLD AT DNB
*MICHELIN RAISED TO BUY VS NEUTRAL AT UBS

>>> Down
*ACACIA MINING CUT TO NEUTRAL AT BOFA
*BEIERSDORF REITERATE SELL AT GOLDMAN, PT CUT FROM €71 to €67.50
*DAIRY CREST CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*ESURE CUT TO REDUCE VS HOLD AT NUMIS
*FRESNILLO CUT TO NEUTRAL AT BOFA
*IAG CUT TO HOLD VS BUY AT KEPLER CHEUVREUX
*ICAP CUT TO UNDERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*KERRY GROUP CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*NORSK HYDRO CUT TO NEUTRAL VS BUY AT GOLDMAN
*PETROPAVLOVSK CUT TO NEUTRAL AT BOFA
*POLYMETAL CUT TO NEUTRAL AT BOFA
*RECKITT BENCKISER CUT TO NEUTRAL VS BUY AT GOLDMAN
*UNILEVER CUT TO SELL VS NEUTRAL AT GOLDMAN (Note Attached)
*VONTOBEL CUT TO NEUTRAL VS BUY AT CITI

>>> PT Change
*BEIERSDORF REITERATE SELL AT GOLDMAN, PT CUT FROM €71 to €67.50 (Note attached)

>>> Initiation
*AENA SA RATED NEW HOLD AT SOCIETE GENERALE
*AEROPORTS DE PARIS RATED NEW HOLD AT SOCIETE GENERALE
*BANCA SISTEMA RATED NEW OVERWEIGHT AT BARCLAYS, PT EU5.60
*FRAPORT RATED NEW BUY AT SOCIETE GENERALE
*NOSTRUM OIL & GAS RATED NEW OUTPERFORM AT RBC CAPITAL
*SOPHOS GROUP RATED NEW OVERWEIGHT AT JPMORGAN
*SUBSEA 7 RATED NEW NEUTRAL AT JPMORGAN
*WACKER CHEMIE REINSTATED NEUTRAL AT CREDIT SUISSE, PT EU93

>>> Call
>> Stock
*L’OREAL EXITS GOLDMAN CONVICTION BUY AND FOCUS LISTS, STAYS BUY
*WARTSILA EXITS JPMORGAN EUROPEAN ANALYST FOCUS LIST