>>> Europe : Brokers Upgrades & Downgrades - 16th of March 2016

>>> Up
*ABB RAISED TO BUY VS SELL AT LIBERUM
*ALTICE N.V. RAISED TO BUY AT PIVOTAL RESEARCH
*CAIRN ENERGY RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE (Note attached)
*GREGGS RAISED TO HOLD VS SELL AT BERENBERG
*SHERWIN-WILLIAMS RAISED TO BUY AT LONGBOW RESEARCH
*WOOLWORTHS HOLDINGS RAISED TO BUY FROM NEUTRAL AT CITI

>>> Down
*ALDERMORE CUT TO ADD VS BUY AT PEEL HUNT
*ANGLO AMERICAN CUT TO SELL FROM NEUTRAL: CITI
*ANTOFAGASTA CUT TO NEUTRAL VS BUY AT CITI
*CREDIT SUISSE CUT TO UNDERPERFORM VS NEUTRAL AT MEDIOBANCA
*CREDIT ACCEPTANCE CUT TO MARKET UNDERPERFORM AT JMP SECURITIES
*ENERGA CUT TO HOLD AT SOCIETE GENERALE
*GERDAU CUT TO REDUCE AT HSBC
*GYM GROUP CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*IMPALA PLATINUM CUT TO NEUTRAL FROM BUY AT CITI
*LONMIN CUT TO SELL FROM NEUTRAL AT CITI
*MTN GROUP CUT TO SELL VS NEUTRAL AT GOLDMAN
*NORTHAM PLATINUM CUT TO SELL FROM NEUTRAL: CITI
*TARKETT CUT TO HOLD AT HSBC
*THOMAS COOK CUT TO SELL VS NEUTRAL AT CITI
*TUI AG CUT TO SELL VS NEUTRAL AT CITI
*VALLOUREC CUT TO UNDERPERFORM AT BERNSTEIN

>>> PT Change
*ORPEA RATED NEW SELL AT BERENBERG; PT EU60

>>> Initiation
*ENI REINSTATED AT OUTPERFORM AT CREDIT SUISSE; PT EU15.5 (Note Attached)

>>> Call