>>> Europe : Brokers Upgrades & Downgrades - 15th of January 201

>>> Up
* ASML Upgraded to Outperform at Credit Suisse; PT 180 Euros
* Endesa Upgraded to Neutral at Goldman
* Essilor Upgraded to Add at AlphaValue
* Johnson Matthey Upgraded to Buy at Berenberg
* Land Securities Upgraded to Overweight at JPMorgan; PT 12 Pounds
* TechnipFMC Upgraded to Add at AlphaValue
* Tenaris Upgraded to Neutral at Credit Suisse; PT 15 Euros
* Wereldhave Upgraded to Overweight at JPMorgan; PT 48 Euros

>>> Down
* Avantium Holding BV Cut to Reduce at Kepler Cheuvreux
* Fonciere des Regions Cut to Underweight at JPMorgan; PT 90 Euros
* Grand City Properties Cut to Neutral at JPMorgan; PT 22 Euros
* LondonMetric Property Cut to Neutral at JPMorgan; PT 2 Pounds
* Roche Downgraded to Sell at SocGen; PT 190 Francs
* Shaftesbury Downgraded to Neutral at JPMorgan; PT 11.50 Pounds
* Swedbank Cut to Underperform at Credit Suisse; PT 180 Kronor
* TLG Immobilien Downgraded to Neutral at JPMorgan; PT 23 Euros
* Unite Group Cut to Neutral at JPMorgan; Price Target 8.50 Pounds

>>> Initiation
* Deutsche Beteiligungs AG Rated New Hold at Kepler Cheuvreux

>>> Call