>>> Europe : Brokers Upgrades & Downgrades - 15th of February 2016

>>> Up
*AKZO NOBEL RAISED TO NEUTRAL VS SELL AT UBS
*AKZO NOBEL RAISED TO HOLD VS SELL AT BERENBERG (Note Attached)
*BOLIDEN RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*ENDESA RAISED TO HOLD VS REDUCE AT HSBC
*HAYS RAISED TO BUY VS HOLD AT HSBC
*REC SILICON RAISED TO BUY VS HOLD AT HSBC
*SAMPO RAISED TO BUY VS HOLD AT BERENBERG
*SSAB RAISED TO BUY VS ADD AT ALPHAVALUE
*SYNGENTA RAISED TO HOLD VS SELL AT BERENBERG
*TOTAL RAISED TO OUTPERFORM VS MARKETPERFORM AT BERNSTEIN
*TOTAL REITERATED TO BUY & CONV. BUY LIST PT €48.5 (Note Attached)
*VALEO RAISED TO BUY VS HOLD AT HSBC
*VONTOBEL RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE

>>> Down
*ARKEMA CUT TO HOLD VS BUY AT BERENBERG (Note Attahced)
*ENGIE REINSTATED OUTPERFORM AT CREDIT SUISSE; WAS RESTRICTED
*MELEXIS CUT TO SELL VS NEUTRAL AT UBS

>>> PT Change


>>> Initiation
*ABERDEEN ASSET RATED NEW HOLD AT CANTOR, PT 219P
*DNO RATED NEW NEUTRAL AT CREDIT SUISSE, PT NOK7.5
*ENGIE REINSTATED OUTPERFORM AT CREDIT SUISSE; WAS RESTRICTED
*HENDERSON RATED NEW HOLD AT CANTOR, PT 224P
*JUPITER RATED NEW HOLD AT CANTOR, PT 396P
*LIONTRUST RATED NEW BUY AT CANTOR, PT 348P
*POLAR CAPITAL RATED NEW SELL AT CANTOR, PT 299P
*SCHRODERS RATED NEW HOLD AT CANTOR, PT 2575P

>>> Call