>>> Europe : Brokers Upgrades & Downgrades - 20th of February 2017

>>> Up
*Air France-KLM Raised to Buy at Citi, PT EU7.50
*Cellnex Raised to Outperform at Main First Bank AG, PT EU18
*Elmos Semiconductor Raised to Buy at Natixis, PT EU26
*Eutelsat Raised to Overweight at Morgan Stanley, PT EU20
*Fortum Raised to Neutral at Credit Suisse, PT EU13.50
*Hapag-Lloyd Raised to Buy at Deutsche Bank, PT EU32.50
*RBS Raised to Equal-Weight at Barclays, PT 250p
*Tullow Raised to Buy at Jefferies, PT 340p

>>> Down
*CYBG Cut to Neutral at Goldman
*EDF Cut to Sector Perform at RBC, PT EU10
*HEMFOSA FASTIGHETER AB CUT TO HOLD FROM BUY AT NORDEA
*Mediclinic Cut to Underperform at Jefferies, PT 658p
*OCEAN YIELD ASA CUT TO HOLD FROM BUY AT NORDEA
*Ordina Cut to Hold at ING
*Stabilus Cut to Neutral at Macquarie, PT EU55
*Standard Chartered Cut to Neutral at JPMorgan, PT HKD85

>>> PT Change


>>> Initiation
*Hostelworld Rated New Buy at Peel Hunt, PT 300p
*OSE Immuno Rated New Buy at Kepler Cheuvreux, PT EU9
*Repsol Rated New Outperform at MedioBanca, PT EU16.50

>>> Call