>>> Europe : Brokers Upgrades & Downgrades - 18th of July 2017

>>> Up
*Fonciere des Regions Raised to Neutral at Citi
*Ryanair Raised to Add at AlphaValue
*Scottish Salmon Co Raised to Buy at DNB Markets, PT NOK12
*SSAB Raised to Buy at Citi

>>> Down
*Commerzbank Cut to Hold at Kepler Cheuvreux, PT EU11
*Deutsche Boerse Cut to Sector Perform at RBC, PT EU102
*Gas Natural Cut to Hold at SocGen, PT EU21.80
*Partners Group Cut to Neutral at UBS, PT CHF622
*Worldpay Cut to Neutral at UBS, PT 380p

>>> Initiation
*Altice USA New Outperform at RBC, PT $40
*Metro New Neutral at Exane, PT EU10.50
*Metro Wholesale & Food Specialist New Buy at DZ Bank, PT EU22.20
*Metro Wholesale & Food Specialist New Buy at Kepler Cheuvreux
*Tamburi Investment Partners New Hold at Kepler Cheuvreux