>>> Europe : Brokers Upgrades & DOwngrades - 1st of Sept. 2015

>>> Up
*ALTAREA RAISED TO BUY VS HOLD AT SOCGEN
*ASOS RAISED TO ’OUTPERFORM’ AT RBC CAPITAL
*DEUTSCHE POST RAISED TO OUTPERFORM VS NEUTRAL AT DAVY
*ID LOGISTICS RAISED TO BUY VS HOLD AT BERENBERG
*NOKIA RAISED TO HOLD AT NORDEA
*PADDY POWER RAISED TO HOLD VS REDUCE AT HSBC
*PANALPINA RAISED TO NEUTRAL VS UNDERPERFORM AT DAVY
*POSTNL RAISED TO OUTPERFORM VS NEUTRAL AT DAVY
*STANCHART RAISED TO HOLD AT SANTANDER
*ST MODWEN PR RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*TLG IMMOBILIEN RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
*VODAFONE RAISED TO HOLD AT SANTANDER
*VIVENDI RAISED TO OVERWEIGHT VS UNDERWEIGHT AT JPMORGAN

>>> Down
*DSV CUT TO NEUTRAL VS OUTPERFORM AT DAVY
*GALP CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY
*GRAINGER CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*HELICAL BAR CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*LEG IMMOBILIEN CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*PSP SWISS PROPERTY CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*RPC CUT TO MARKET PERFORM FROM OUTPERFORM AT WELLS FARGO

>>> PT Change


>>> Initiation
*ADO PROPERTIES RATED NEW BUY AT UBS; PT EU25
*AMLIN REINSTATED UNDERPERFORM AT BOFA
*AP MOELLER - MAERSK A/S RATED NEW OVERWEIGHT AT BARCLAYS
*DIXONS CARPHONE RATED NEW NEUTRAL AT NOMURA; PT 450P
*HANNOVER RE REINSTATED UNDERPERFORM AT BOFA
*HISCOX REINSTATED UNDERPERFORM AT BOFA
*KENNEDY WILSON EUROPE RATED NEW OVERWEIGHT AT JPMORGAN
*LANCASHIRE REINSTATED UNDERPERFORM AT BOFA
*MAERSK RATED NEW OVERWEIGHT AT BARCLAYS, PT DKK12,600
*MUNICH RE REINSTATED BUY AT BOFA
*SCOR REINSTATED UNDERPERFORM AT BOFA
*SWISS RE REINSTATED BUY AT BOFA
*ZALANDO RATED NEW OUTPERFORM AT RBC; PT EU38

>>> Call
>> Stock
*ADO PROPERTIES ADDED TO MIDCAP KEY CALL LIST AT UBS
*INFORMA REPLACES AUTO TRADER IN TOP PICKS AT NUMIS {NSN NTZHCI6KLVR7<Go>}
*INTL PERSONAL FIN. REPLACES JUPITER FUND IN TOP PICKS AT NUMIS {NSN NTZHCI6KLVR7<Go>}