>>> Europe : Brokers Upgrades & Downgrades - 14th of December 2016

>>> Up
*ABB Raised to Buy at ABG Sundal, PT SEK215
*Acerinox Raised to Neutral at JPMorgan, PT EU13.60
*Ahold Raised to Buy at Goldman
*Ahold Raised to Strong Buy at Raymond James
*Amadeus Raised to Market Perform at BBVA, PT EU44
*Big Yellow Group Raised to Overweight at JPMorgan, PT 820p
*BMW Raised to Buy at Deutsche Bank, PT EU110
*Carl Zeiss Meditec Raised to Buy at HSBC, PT EU40
*Ferrovial Raised to Strong Buy at Raymond James, PT EU21.80
*Henkel Raised to Strong Buy at Raymond James, PT EU130
*Lagardere Raised to Outperform at Exane, PT EU30
*Outokumpu Raised to Overweight at JPMorgan, PT EU9.70
*Red Electrica Raised to Buy at Deutsche Bank, PT EU18.70
*UniCredit Raised to Outperform at RBC, PT EU3.10
*Uniper Raised to Buy at Deutsche Bank, PT EU14

>>> Down
*Amplifon Cut to Hold at HSBC, PT EU9.20
*Antofagasta Cut to Underweight at JPMorgan, PT 430p
*Atlas Copco Cut to Hold at ABG Sundal, PT SEK300
*Barclays Cut to Neutral at Exane
*Capita Cut to Hold at Jefferies, PT 465p
*Centrica Cut to Sell at Deutsche Bank, PT 180p
*Continental Cut to Hold at Deutsche Bank, PT EU200
*Engie Cut to Hold at Deutsche Bank, PT EU13
*Gem Diamonds Cut to Neutral at JPMorgan, PT 115p
*Glencore Cut to Underweight at JPMorgan, PT 260p
*Mediaset Cut to Neutral at UBS
*Norsk Hydro Cut to Underweight at JPMorgan, PT NOK33.50
*ThyssenKrupp Cut to Neutral at JPMorgan, PT EU24.40
*UniCredit Cut to Neutral at Exane, PT EU2.80
*Wirecard Cut to Equal-Weight at Morgan Stanley, PT EU45

>>> PT Change


>>> Initiation
*Accor Rated New Buy at Deutsche Bank, PT EU41
*Hypoport Rated New Buy at Berenberg, PT EU95
*Italgas Rated New Buy at SocGen, PT EU4.24
*Lagardere Rated New Buy at Liberum, PT EU28
*Melia Hotels International Rated New Buy at Deutsche, PT EU13
*NH Hotel Group Rated New Hold at Deutsche Bank, PT EU4.20
*Refresco Group Rated New Buy at ING, PT EU17.50
*TBC Bank Group Rated New Buy at Peel Hunt, PT 1900p

>>> Call