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

>>> Up
*ASTRAZENECA RAISED TO BUY AT JEFFERIES
*CONOCOPHILLIPS RAISED TO OVERWEIGHT AT JPMORGAN
*CSX RAISED TO OVERWEIGHT AT BARCLAYS
*MAN GROUP RAISED TO BUY VS NEUTRAL AT CITI
*RIO RAISED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN; PT A$54
*TDC RAISED TO OVERWEIGHT AT BARCLAYS
*WOOD GROUP RAISED TO OUTPERFORM VS NEUTRAL AT EXANE

>>> Down
*COMMERCIAL INTERNATIONAL BANK EGYPT SAE CUT FROM BUY TO NEUTRAL AT CITI
*ERSTE CUT TO NEUTRAL VS CONVICTION BUY AT GOLDMAN
*NOKIAN RENKAAT CUT TO SELL AT NORDEA
*OMA CUT TO HOLD AT SANTANDER
*SUBSEA 7 CUT TO NEUTRAL VS OUTPERFORM AT EXANE

>>> PT Change


>>> Initiation
*SABADELL REINSTATED AT NEUTRAL AT GOLDMAN; PT EU1.38
*UNIPER RATED NEW OUTPERFORM AT MACQUARIE; PT EU16

>>> Call
>> Stock
*AURUBIS ADDED TO EUROPE SMID FOCUS LIST AT CREDIT SUISSE
>> Index
*FTSE 100 YEAR-END TARGET RAISED TO 6,500 AT UBS
>> Sector
*EUROPE AUTOS RAISED TO OVERWEIGHT VS NEUTRAL AT UBS
*EUROPE TRANSPORT CUT TO NEUTRAL VS OVERWEIGHT AT UBS