>>> Europe : Brokers Upgrades & Downgrades - 1st of July 2015

>>> Up
*ADIDAS RAISED TO BUY VS NEUTRAL AT UBS
*SECURITAS RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE

>>> Down
*COLT GROUP CUT TO NEUTRAL VS BUY AT CITI
*L’OREAL CUT TO SELL VS NEUTRAL AT CITI
*STAGECOACH GROUP CUT TO SECTOR PERFORM AT RBC CAPITAL

>>> PT Change


>>> Initiation


>>> Call