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

>>> Up
*Alfa Laval Raised to Neutral at Citi, PT SEK165
*Alfa Laval Raised to Hold at DNB Markets, PT SEK165
*Alfa Laval Raised to Reduce at AlphaValue
*Barry Callebaut Raised to Hold at Berenberg, PT CHF1150
*DIA Raised to Overweight at Morgan Stanley, PT EU5.50
*Ferrexpo Raised to Hold at Eavex Capital, PT GBP1.50
*H&M Raised to Neutral at Macquarie
*Heidelberger Druck Raised to Buy at LBBW, PT EU2.90
*Novozymes Raised to Outperform at Credit Suisse, PT DKK300
*Red Electrica Raised to Buy at BPI, PT EU19.15
*Swatch Raised to Neutral at Macquarie
*Vestas Raised to Overweight at Barclays

>>> Down
*Close Brothers Cut to Equal-Weight at Barclays, PT GBP14.30
*CRH Cut to Underweight at Morgan Stanley
*Deutz Cut to Hold at HSBC, PT EU6.50
*DIS IM Cut to Reduce at Kepler Cheuvreux
*Metro Cut to Hold at Jefferies, PT EU33
*PCAS Cut to Reduce at Kepler Cheuvreux, PT EU12.50
*Sulzer Cut to Reduce at Kepler Cheuvreux, PT CHF100
*UBS Cut to Hold at LBBW, PT CHF15.50
*Valmet Cut to Hold at DNB Markets, PT EU15

>>> PT Change


>>> Initiation
*Fonciere des Regions Reinstated Buy at Kepler Cheuvreux
*HeidelbergCement Resumed Equal-Weight at Morgan Stanley
*TechnipFMC Rated New Equal-Weight at Barclays, PT EU35

>>> Call
>> Stock
*LAFARGEHOLCIM ADDED TO HSBC EUROPE SUPER 10; WARTSILA EXITS
*SALESFORCE.COM EXITS CONVICTION LIST AT GOLDMAN; STILL BUY