>>> Europe : Brokers Upgrades & Downgrades - 18th of June 2015

>>> Up
*ATLAS COPCO A SHARES RAISED TO NEUTRAL VS SELL AT UBS
*EUROCOMMERCIAL PROPERTIES RAISED TO BUY AT SOCGEN, PT EU42
*ORION RAISED TO BUY AT JEFFERIES
*REED ELSEVIER RAISED TO ADD VS HOLD AT NUMIS
*SANTANDER RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN

>>> Down
*ABB CUT TO SELL VS NEUTRAL AT UBS
*ALTAREA COGEDIM CUT TO HOLD VS BUY AT SOCGEN, PT EU177
*BETFAIR GROUP CUT TO HOLD AT JEFFERIES
*DRAX GROUP CUT TO SECTOR PERFORM AT RBC CAPITAL
*SUEDZUCKER CUT TO SELL VS NEUTRAL AT GOLDMAN

>>> PT change


>>> Initiation
*GEMALTO RATED NEW OVERWEIGHT AT JPMORGAN
*HELLERMANNTYTON RATED NEW HOLD AT BERENBERG, PT 360P
*INGENICO RATED NEW NEUTRAL AT JPMORGAN, PT EU108.5
*POLYPIPE RATED NEW BUY AT BERENBERG, PT 340P
*POP. EMILIA RATED NEW BUY AT NOMURA; PT EU8
*TELECOM ITALIA RATED NEW OUTPERFORM AT RAYMOND JAMES
*VOLUTION RATED NEW BUY AT BERENBERG, PT 195P

>>> Call