>>> Europe : Brokers Upgrades & Downgrades - 1th of August 2016

>>> Up
*ADECCO RAISED TO NEUTRA ' AT MAIN FIRST BANK
*ARM HOLDINGS RAISED TO MARKET PERFORM AT BERNSTEIN
*CAMPARI RAISED TO BUY VS HOLD AT BERENBERG
*LIVERPOOL RAISED TO SECTOR OUTPERFORM AT SCOTIA
*RENTOKIL INITIAL RAISED TO ADD VS REDUCE AT ALPHAVALUE

>>> Down
*BRISTOL-MYERS SQUIBB CUT TO HOLD VS BUY AT BERENBERG
*HEIDELBERGER DRUCK CUT TO REDUCE VS ADD AT ALPHAVALUE
*JENOPTIK CUT TO HOLD AT HSBC
*TDC CUT TO HOLD AT NORDEA
*TEKFEN CUT TO HOLD AT HSBC
*TRAVIS PERKINS CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS

>>> PT Change


>>> Initiation


>>> Call