>>> Europe : Brokers Upgrades & Downgrades - 16th of December 20

>>> Up
*ALTICE RAISED TO BUY VS HOLD AT DEUTSCHE BANK (Note /attached)
*ARCADIS RAISED TO HOLD AT BANK DEGROOF PETERCAM
*BUWOG RAISED TO BUY AT BAADER-HELVEA
*BWIN.PARTY RAISED TO BUY VS SELL AT CITI
*CREDIT SUISSE RAISED TO HOLD VS SELL AT BANKHAUS LAMPE
*EURAZEO RAISED TO BUY AT HSBC
*EUROCOMMERCIAL PROPERTIES RAISED TO OVERWEIGHT AT JPMORGAN
*GBL RAISED TO BUY AT HSBC
*HELICAL BAR RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*OSRAM LICHT RAISED TO HOLD AT KEPLER CHEUVREUX
*PEARSON RAISED TO OUTPERFORM AT EXANE BNP PARIBAS
*TAURON RAISED TO BUY VS HOLD AT SOCGEN; ADDED TO PREFERRED LIST
*TLG IMMOBILIEN RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*TUPRAS RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*WENDEL RAISED TO BUY AT HSBC

>>> Down
*A2A CUT TO NEUTRAL VS BUY AT CITI
*ANGLO AMERICAN CUT TO SELL VS HOLD AT SOCGEN
*BIG YELLOW CUT TO NEUTRAL VS OUTPERFORM AT JPMORGAN
*COLOPLAST CUT TO UNDERPERFORM VS HOLD AT JEFFERIES
*FONCIERE DES REGIONS CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*MAIRE TECCN DOWNGRADED TO EQUALWEIGHT FROM OVERWEIGHT AT BARCAP
*SCHIBSTED CUT TO SELL VS NEUTRAL AT CITI
*SEGRO CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*VASTNED CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*WERELDHAVE CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*ZODIAC AEROSPACE CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*ZURICH INS. CUT TO HOLD AT JEFFERIES

>>> PT Change
*BARCAP DOWNGRADING MOST OF OIL SERVICES PT IN REPORT TODAY - LOOK TO SPECIFIC EMAIL

>>> Initiation
*CELLNEX RATED NEW NEUTRAL AT MACQUARIE; PT EU16.60
*EMS-CHEMIE RATED NEW BUY AT KEPLER CHEUVREUX; PT CHF470
*ENTERTAINMENT ONE RATED NEW NEUTRAL AT CREDIT SUISSE; PT 160P
*GVC HOLDINGS RATED NEW BUY AT CITI; PT 580P
*INWIT RATED NEW OUTPERFORM AT MACQUARIE; PT EU5.50
*PANTALEON ENTERTAINMENT RATED NEW BUY AT HAUCK & AUFHAEUSER

>>> Call