>>> Europe : Brokers Upgrades & Downgrades - 19th of August 2016

>>> Up
*KAZ MINERALS RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*ROSNEFT RAISED TO BUY AT HSBC

>>> Down
*ABB CUT TO HOLD AT HSBC
*ADMIRAL CUT TO MARKET PERFORM VS OUTPERFORM AT BERNSTEIN
*BMW CUT TO NEUTRAL VS OVERWEIGHT AT GOLDMAN SACHS
*CNH INDUSTRIAL CUT TO SELL VS REDUCE AT ALPHAVALUE
*GEM DIAMONDS CUT TO SECTOR PERFORM AT RBC CAPITAL
*METRO CUT TO UNDERPERFORM VS MARKET PERFORM AT BERNSTEIN
*NESTE CUT TO NEUTRAL AT CITI
*SANDVIK CUT TO HOLD AT HSBC
*SCHRODERS CUT TO HOLD VS BUY AT LIBERUM
*ZURICH INS. CUT TO REDUCE AT KEPLER CHEUVREUX

>>> PT Change


>>> Initiation
*ALTICE NV REINSTATED EQUALWEIGHT AT BARCLAYS, PT EU15
*BOLIDEN RATED NEW HOLD AT BERENBERG, PT SEK180
*DONG ENERGY RATED NEW BUY AT HSBC
*NYRSTAR RATED NEW HOLD AT BERENBERG, PT EU8

>>> Call