>>> Europe : Brokers Upgrades & Downgrades - 18th January 2017

>>> Up
*ABN Amro Raised to Buy at Santander, PT EU26.40
*EON Raised to Overweight at Barclays, PT EU8.50
*Gerresheimer Raised to Buy at Deutsche Bank, PT EU82
*InterContinental Raised to Hold at HSBC, PT GBP37
*Jungheinrich Raised to Hold at Kepler Cheuvreux, PT EU25
*Lindt Raised to Hold at SocGen, PT CHF62000
*Mail.Ru Group Raised to Outperform at Renaissance Capital
*Mondi Raised to Neutral at Goldman, PT 1700p
*Spectris Raised to Buy at Deutsche Bank, PT 2795p
*Volvo Raised to Buy at Jefferies, PT SEK125

>>> Down
*Aker Solutions Cut to Hold at Nordea Securities, PT NOK45
*Cap Gemini Cut to Hold at HSBC, PT EU90
*Disney Cut to Underperform at BMO, PT $88
*Inmarsat Cut to Neutral at JPMorgan, PT 830p
*Kuehne Rated New Hold at Kepler Cheuvreux, PT CHF145
*LafargeHolcim Cut to Neutral at Exane, PT CHF58
*Luxottica Cut to Neutral at Exane, PT EU59
*LVMH Cut to Outperform at Raymond James
*Maersk Cut to Neutral at UBS
*Mead Johnson Rated New Sell at Berenberg, PT $66
*Nokian Renkaat Cut to Underweight at Morgan Stanley, PT EU30
*Swatch Cut to Hold at National Bank AG, PT CHF360
*Titan Cement Cut to Neutral at Exane, PT EU24.50
*Uniper Cut to Equal-Weight at Barclays, PT EU14.30
*Volvo Cut to Underweight at Morgan Stanley, PT SEK90
*Vossloh Cut to Sell at M.M. Warburg, PT EU45.50

>>> PT Change


>>> Initiation
*Aena Rated New Outperform at Credit Suisse, PT EU158
*Ageas Rated New Buy at UBS, PT EU50
*DSV Rated New Buy at Kepler Cheuvreux, PT DKK360
*Fraport Rated New Neutral at Credit Suisse, PT EU55
*PWTN SW Rated New Buy at Kepler Cheuvreux

>>> Call
>> Sector
*MOROCCAN EQUITIES CUT TO NEUTRAL VS OVERWEIGHT AT RENAISSANCE
>> Stock
*GRENKE ENTERS DEUTSCHE BANK GERMAN STOCK IDEAS PORTFOLIO
*WACKER CHEMIE EXITS DEUTSCHE BANK GERMAN STOCK IDEAS PORTFOLIO