>>> Europe : Brokers Upgrades & Downgrades - 13th of June 2016

>>> Up
*AURUBIS RAISED TO BUY VS HOLD AT BANKHAUS LAMPE
*ELECTROCOMPONENTS RAISED FROM UNDERWEIGHT TO EQUALWEIGHT AT BARCLAYS
*RESTAURANT GROUP RAISED TO NEUTRAL VS SELL AT CITI
*SOCO INTERNATIONAL RAISED TO BUY VS NEUTRAL AT BOFAML

>>> Down
*KGHM CUT TO SELL AT SOCIETE GENERALE
*SAFRAN CUT TO NEUTRAL VS BUY AT BOFAML
*SAP CUT TO UNDERPERFORM VS HOLD AT JEFFERIES
*VODAFONE CUT TO NEUTRAL VS OUTPERFORM AT MACQUARIE

>>> PT Change

>>> Initiation
*APPLUS SERVICES RATED NEW BUY AT KEPLER CHEUVREUX
*BUREAU VERITAS RATED NEW BUY AT KEPLER CHEUVREUX; PT EU23.40
*HANNOVER RE RATED NEW UNDERPERFORM AT CREDIT SUISSE; PT EU97
*HELLENIC PETROLEUM RATED NEW HOLD AT BERENBERG; PT EU4.50
*HISCOX RATED NEW OUTPERFORM AT CREDIT SUISSE; PT 1,150P
*INTERTEK RATED NEW HOLD AT KEPLER CHEUVREUX; PT 3,480P
*MOTOR OIL RATED NEW BUY AT BERENBERG; PT EU16
*MUNICH RE RATED NEW NEUTRAL AT CREDIT SUISSE; PT EU172
*SCOR RATED NEW UNDERPERFORM AT CREDIT SUISSE; PT EU28
*SGS RATED NEW BUY AT KEPLER CHEUVREUX; PT CHF2,410
*SWISS RE RATED NEW UNDERPERFORM AT CREDIT SUISSE; PT CHF87
*TALANX RATED NEW NEUTRAL AT CREDIT SUISSE; PT EU32
*TUPR RATED NEW HOLD AT BERENBERG; PT TRY67

>>> Call