>>> Europe : Brokers Upgrades & Downgrades - 18th of August 2016

>>> Up
*CYRUSONE RAISED TO OVERWEIGHT AT BARCLAYS
*GEA GROUP RAISED TO OUTPERFORM AT RBC CAPITAL
*HANNOVER RE RAISED TO BUY VS NEUTRAL AT CITI
*IMI RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*UNIPRO RAISED TO BUY AT HSBC
*WILLIAM DEMANT RAISED TO BUY AT KEPLER CHEUVREUX

>>> Down
*AURORA LPG CUT TO HOLD VS BUY AT DNB MARKETS
*CAIRN ENERGY CUT TO NEUTRAL VS OUTPERFORM AT MACQUARIE
*CLOSE BROTHERS CUT TO HOLD VS BUY AT LIBERUM
*GLENCORE CUT TO NEUTRAL VS OUTPERFORM AT MACQUARIE
*HSBC CUT TO HOLD VS BUY AT BANKHAUS LAMPE
*HUFVUDSTADEN CUT TO SELL VS HOLD AT DNB
*SMA SOLAR CUT TO NEUTRAL VS BUY AT ODDO SEYDLER
*SWISS RE CUT TO SELL AT CITI
*TITAN CEMENT CUT TO HOLD VS BUY AT BERENBERG

>>> PT Change


>>> Initiation
*EDF RATED NEW OVERWEIGHT AT BARCLAYS, PT EU13.90

>>> Call
*US SMALL CAP CUT TO BENCHMARK AT CREDIT SUISSE