>>> Europe : Brokers Upgrades & Downgrades - 1st of December 201

>>> Up
*BP Raised to outperform at Credit Suisse (Full note attached)
*EUROMONEY Raised to Buy at Peel Hunt
*Legal & General Raised to Overweight at Barclays, PT 276p
*Moncler Raised to Outperform at RBC, PT EU20
*Randgold Raised to Overweight at Morgan Stanley, PT 6640p
*William Demant Raised to Hold at HSBC, PT DKK116

>>> Down
*Aegon Cut to Hold at ING
*Bankia Cut to Neutral at UBS, PT EU0.82
*Heineken Cut to Neutral at JPMorgan, PT EU70
*TalkTalk Cut to Underweight at JPMorgan, PT 150p
*Total cut to Neutral at Credit Suisse (Full note attached)

>>> PT Change


>>> Initiation
*BMW Rated New Outperform at Macquarie, PT EU95
*Daimler Rated New Neutral at Macquarie, PT EU65
*Dixons Carphone Rated New Outperform at Credit Suisse, PT 420p
*DSV Rated New Outperform at Exane, PT DKK361
*Fiat Rated New Underperform at Macquarie, PT EU6
*Hapag-Lloyd Rated New Outperform at Exane, PT EU28
*HMS Group Rated New Outperform at Renaissance Capital, PT $10
*Peugeot Rated New Neutral at Macquarie, PT EU13
*Porsche Rated New Neutral at Macquarie, PT EU53
*Renault Rated New Outperform at Macquarie, PT EU90
*Sixt Rated New Buy at Bankhaus Lampe, PT EU62
*Takeaway.com Rated New Hold at Jefferies, PT EU24
*Vallourec Rated New Underweight at Barclays, PT EU2.50
*VW Rated New Neutral at Macquarie, PT EU128

>>> Call
>> Sector
*EUROPEAN INSURANCE RAISED TO NEUTRAL AT KBW
*METALS AND MINING SECTOR RAISED TO OVERWEIGHT AT UBS