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

>>> Up
*CARREFOUR RAISED TO BUY VS ADD AT ALPHAVALUE
*CENTRICA RAISED TO BUY VS SELL AT UBS
*EVONIK RAISED TO OVERWEIGHT VS EQUAL WEIGHT AT MORGAN STANLEY
*PUMA SE RAISED TO ’HOLD’ AT BAADER-HELVEA
*SES RAISED TO EQUAL WEIGHT VS UNDERWEIGHT AT MORGAN STANLEY
*SUEZ RAISED TO NEUTRAL VS SELL AT CITI

>>> Down
*AVEVA CUT TO HOLD VS BUY AT BERENBERG
*CREDIT SUISSE CUT TO ’MARKET PERFORM’ AT KEEFE BRUYETTE
*DEUTSCHE LUFTHANSA CUT TO REDUCE AT KEPLER CHEUVREUX
*WACKER CHEMIE CUT TO EQUAL WEIGHT FROM OVERWEIGHT AT MORGAN STANLEY

>>> PT Change


>>> Initiation
*ACCELL RATED NEW BUY AT ING; PT AT EU21.25
*BANCO POPULAR RESUMED AT EQUAL WEIGHT AT MORGAN STANLEY
*BOLIDEN REINSTATED WITH SELL AT GOLDMAN, PT SEK160
*DEUTSCHE PFANDBRIEFBANK RATED NEW BUY AT BANKHAUS LAMPE PT EU13
*ESI GROUP SA RATED NEW BUY AT BERENBERG, PT EU36
*MONDI RATED NEW OVERWEIGHT AT JPMORGAN

>>> Call
>> Stock
*HANNOVER RUECK ADDED TO BANKHAUS LAMPE ALPHA LIST
*MTU AERO ENGINES REMOVED FROM BANKHAUS LAMPE ALPHA LIST