>>> Europe : Brokers Upgrades & Downgrades - 12th of August 2016

>>> Up
*AVEXIS INC RAISED TO BUY AT JEFFERIES
*BILFINGER RAISED TO BUY VS HOLD AT HSBC
*DRAX GROUP RAISED TO HOLD AT HSBC
*GALP RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT MORGAN STANLEY
*LADBROKES RAISED TO BUY VS NEUTRAL AT CITI
*NEDBANK GROUP RAISED TO OVERWEIGHT AT JPMORGAN
*TOTAL SYSTEM SERVICES RAISED TO OUTPERFORM AT BAIRD

>>> Down
*AG BARR CUT TO SELL VS HOLD AT BERENBERG
*DO & CO AG CUT TO HOLD AT KEPLER CHEUVREUX
*EDAG ENGINEERING CUT TO EQUALWEIGHT AT MORGAN STANLEY
*GN STORE NORD CUT TO SELL AT NORDEA
*HOLMEN CUT TO HOLD AT NORDEA
*MARISA CUT TO UNDERPERFORM AT CREDIT SUISSE
*MERCK KGAA CUT TO HOLD VS BUY AT BERENBERG
*MYR GROUP INC CUT TO NEUTRAL AT BAIRD
*SCOUT24 CUT TO NEUTRAL VS OUTPERFORM AT MACQUARIE
*SUEDZUCKER CUT TO SELL VS HOLD AT WARBURG
*TUPRAS CUT TO NEUTRAL AT JPMORGAN

>>> PT Change


>>> Initiation
*PHILIPS LIGHTING RATED NEW EQUALWEIGHT AT BARCLAYS, PT EU26

>>> Call