>>> Europe : Brokers Upgrades & DOwngrades - 12th of May 2016

>>> Up
*ABERDEEN ASSET MGMT RAISED TO SECTOR PERFORM AT RBC CAPITAL
*ARKEMA UPGRADED TO OVERPERFORM AT CREDIT SUISSE
*BARCLAYS UPGRADED TO NEUTRAL AT EXANE
*ING RAISED TO OUTPERFORM VS NEUTRAL AT MEDIOBANCA
*SANOFI RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS

>>> Down
*HELLENIC TELECOM RAISED FROM UNDERWEIGHT TO OVERWEIGHT AT MORGAN STANLEY
*RAIFFEISEN CUT TO HOLD AT KEPLER CHEUVREUX
*TOD’S CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE

>>> PT Change


>>> Initiation
*CTS EVENTIM REINITIATED BUY AT BANKHAUS LAMPE, PT EU37
*CYFROWY POLSAT RATED NEW HOLD AT BERENBERG; PT PLN25.70
*MAGYAR TELEKOM RATED NEW BUY AT BERENBERG; PT HUF549
*ORANGE POLSKA RATED NEW HOLD AT BERENBERG; PT PLN6.50

>>> Call