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

>>> Up
*ADMIRAL RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN (YDAY)
*BOSTON BEER RAISED TO HOLD VS SELL AT BERENBERG
*COMPASS GROUP RAISED TO NEUTRAL FROM UNDERPERFORM AT CREDIT SUISSE
*CREDIT SUISSE RAISED TO BUY VS NEUTRAL AT UBS
*KUKA RAISED TO HOLD VS SELL AT BANKHAUS LAMPE
*RSA INSURANCE RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN

>>> Down
*BURBERRY CUT TO NEUTRAL VS OUTPERFORM AT MACQUARIE
*DIRECT LINE INSURANCE CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*FRESNILLO CUT TO SELL VS NEUTRAL AT CITI
*SNAM CUT TO HOLD VS BUY AT SOCGEN
*TELEFONICA DEUTSCHLAND CUT TO SELL VS NEUTRAL AT GOLDMAN

>>> PT Change


>>> Initiation
*FIELMANN RATED NEW SELL AT UBS; PT EU55
*GRANDVISION RATED NEW BUY AT UBS; PT EU26.5
*VEDANTA RESOURCES RATED NEW NEUTRAL AT GOLDMAN; PT 400P
*WINDELN.DE RESUMED HOLD AT BANKHAUS LAMPE, PT EU7

>>> Call
>> Stock
*BT GROUP ADDED TO CONVICTION BUY LIST AT GOLDMAN
*DEUTSCHE TELEKOM EXITS GOLDMAN CONVICTION BUY LIST; STILL BUY