>>> Europe : Brokers Upgrades & Downgrades - 15th of December 2015

>>> Up
*ATRESMEDIA RAISED TO HOLD VS SELL AT BERENBERG
*ASOS RAISED TO BUY VS NEUTRAL AT CITI
*BHP BILLITON RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*DEUTSCHE POST RAISED TO BUY VS NEUTRAL AT GOLDMAN (EARLIER)
*EIFFAGE RAISED TO BUY VS NEUTRAL AT GOLDMAN
*FAURECIA RAISED TO BUY VS HOLD AT SOCGEN
*GLENCORE RAISED TO OVERWEIGHT AT JPMORGAN
*GRAFTON UPGRADED TO OUTPERFORM FROM NEUTRAL AT DAVY
*GREENE KING RAISED TO HOLD VS REDUCE AT HSBC
*MEGGITT RAISED TO BUY VS HOLD AT BERENBERG
*PGNIG RAISED TO HOLD VS SELL AT SOCGEN
*SIG UPGRADED TO OUTPERFORM FROM NEUTRAL AT DAVY
*STOCKMANN RAISED TO HOLD AT NORDEA

>>> Down
*ACRON CUT TO HOLD VS BUY AT HSBC
*AIXTRON CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*ANGLO AMERICAN CUT TO UNDERPERFORM AT MACQUARIE
*BWIN.PARTY CUT TO HOLD VS BUY AT CANACCORD
*FERREXPO CUT TO UNDERPERFORM AT MACQUARIE
*HOCHTIEF CUT TO NEUTRAL VS BUY AT GOLDMAN
*HOWDEN JONERY CUT TO SELL VS NEUTRAL AT GOLDMAN
*NYRSTAR CUT TO UNDERPERFORM AT MACQUARIE
*OCI CUT TO HOLD VS BUY AT HSBC
*ONESAVINGS BANK CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*PARAGON GROUP CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*REDROW RAISED TO BUY VS NEUTRAL AT GOLDMAN
*SAS CUT TO NEUTRAL VS BUY AT CITI
*SCHIBSTED CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*SKANSKA CUT TO SELL VS NEUTRAL AT GOLDMAN
*SUPERGROUP CUT TO HOLD VS BUY AT LIBERUM
*TRAVIS PERKINS CUT TO NEUTRAL VS BUY AT GOLDMAN
*WOLSELEY CUT TO NEUTRAL FROM OUTPERFORM AT DAVY
*WOLSELEY CUT TO NEUTRAL VS BUY AT GOLDMAN

>>> PT Change


>>> Initiation
*AA PLC RATED NEW BUY AT CITI; PT 390P
*BTG RATED NEW OUTPERFORM AT RBC CAPITAL
*CIRCASSIA RATED NEW TOP PICK AT RBC CAPITAL
*DECHRA PHARMA RATED NEW SECTOR PERFORM AT RBC CAPITAL
*HOSTELWORLD RATED NEW OUTPERFORM AT DAVY, PT GBP2.85
*INDIVIOR PLC RATED NEW UNDERPERFORM AT RBC CAPITAL
*SRP GROUPE RATED NEW BUY AT SOCIETE GENERALE
*TELECOM PLUS RATED NEW OVERWEIGHT AT JPMORGAN
*VECTURA RATED NEW OUTPERFORM AT RBC CAPITAL
*ZALANDO RATED NEW BUY AT BANKHAUS LAMPE

>>> Call
>> Stock
*INDITEX ADDED TO FOCUS LIST EUROPE AT CITI