>>> Europe : Brokers Upgrades & Downgrades - 20th of July 2015

>>> Up
*AEGON RAISED TO BUY VS HOLD AT JEFFERIES
*ERSTE RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*EVRAZ RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*FORTUM RAISED TO HOLD AT NORDEA
*HSBC RAISED TO BUY FROM NEUTRAL AT CITI, PT +1.6% TO 635P
*HUHTAMAEKI RAISED TO BUY AT NORDEA
*KONECRANES RAISED TO HOLD VS SELL AT DNB
*VOLVO RAISED TO BUY AT NORDEA
*WAERTSILAE RAISED TO HOLD AT NORDEA

>>> Down
*BAYER CUT TO HOLD AT JEFFERIES
*BHP BILLITON CUT TO HOLD VS BUY AT MORNINGSTAR
*MEDIASET CUT TO NEUTRAL VS OUTPERFORM AT MEDIOBANCA
*PRUDENTIAL CUT TO HOLD VS BUY AT JEFFERIES
*TOMRA CUT TO HOLD VS BUY AT DNB

>>> PT Change


>>> Initiation
*GOOD ENERGY RATED NEW BUY AT INVESTEC, PT 250P
*HAVAS RATED NEW BUY AT JEFFERIES, PT EU8.85
*PORR RATED NEW BUY AT HSBC, PT EU32
*PUBLICIS ASSUMED BUY AT JEFFERIES, PT EU82
*SILTRONIC RATED NEW NEUTRAL AT CREDIT SUISSE, PT EU37
*SPIE RATED NEW BUY AT NATIXIS, PT EU22
*SPIE RATED NEW BUY AT UBS, PT EU22.50
*SPIE RATED NEW OVERWEIGHT AT JPMORGAN, PT EU21.3
*SPIE RATED NEW BUY AT HSBC, PT EU20
*SPIE RATED NEW EQUALWEIGHT AT BARCLAYS, PT EU20.50
*SUNRISE COMMUNICATIONS RATED NEW SELL AT CITI, PT CHF70
*WPP ASSUMED BUY AT JEFFERIES, PT 1,780P

>>> Call