>>> Europe : Brokers Upgrades & Downgrades - 16th of November 2015

>>> Up
*AIXTRON RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*HALFORDS RAISED TO HOLD VS SELL AT BERENBERG
*J SAINSBURY RAISED TO NEUTRAL VS UNDERPERFORM AT MACQUARIE

>>> Down
*ADECCO CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*RCS MEDIAGROUP CUT TO NEUTRAL VS OUTPERFORM AT MEDIOBANCA
*RESTAURANT GROUP CUT TO REDUCE VS NEUTRAL AT NOMURA
*SIXT SE CUT TO HOLD AT BAADER-HELVEA
*SPIRE HEALTHCARE CUT TO HOLD AT JEFFERIES
*UBI CUT TO NEUTRAL VS BUY AT CITI
*UNICREDIT CUT TO NEUTRAL VS BUY AT CITI

>>> PT Change


>>> Initiation
*BROOKS MACDONALD RATED NEW BUY AT LIBERUM; PT 2,200P
*FERRARI RATED NEW OUTPERFORM AT MEDIOBANCA; PT $64
*FERRARI NV RATED NEW NEUTRAL AT JPMORGAN

>>> Call