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

>>> Up
*ARCELORMITTAL RAISED TO BUY VS NEUTRAL AT BOFA
*BESI RAISED TO HOLD VS REDUCE AT KEPLER CHEUVUREX
*GAME DIGITAL RAISED TO BUY VS HOLD AT HSBC
*IMPALA PLATINUM RAISED TO BUY VS NEUTRAL AT GOLDMAN
*OPHIR ENERGY RAISED TO OUTPERFORM VS SECTOR PERFORM AT RBC
*SPEEDY HIRE RAISED TO OUTPERFORM VS SECTOR PERFORM AT RBC

>>> Down
*AIR BERLIN CUT TO REDUCE AT HSBC
*ANTOFAGASTA CUT TO SELL FROM HOLD AT LIBERUM; PT 700P
*DS SMITH CUT TO NEUTRAL VS BUY AT UBS {NSN NODN7I6JTSEA<Go>}
*ELEKTA CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*INTERNATIONAL PERSONAL FINANCE CUT TO UNDERWEIGHT AT JPMORGAN
*ITV CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*LONMIN CUT TO SELL VS BUY AT GOLDMAN
*NLMK CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*PRESIDENT ENERGY CUT TO SECTOR PERFORM VS OUTPERFORM AT RBC
*SEVERSTAL CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS

>>> PT Change
*THALES PT RAISED TO €60 FROM €52 (Note attached)

>>> Initiation
*C&W COMMUNICATIONS RATED NEW NEUTRAL AT JPMORGAN, PT 65P
*WIRECARD AG RATED NEW BUY AT BOFA, PT EU52

>>> Call
>> Stock
*TATNEFT EXITS UBS MOST PREFERREDS, GAZPROM NEFT FROM LEAST