>>> Europe : Brokers Upgrades & Downgrades - 21st of April 2016

>>> Up
*ABB RAISED TO HOLD VS SELL AT SOCGEN
*EDP RENOVAVEIS RAISED TO BUY AT CITI
*REMY COINTREAU RAISED TO BUY AT HSBC

>>> Down
*HUGO BOSS CUT TO UNDERPERFORM AT RBC CAPITAL
*JERONIMO MARTINS CUT TO UNDERPERFORM VS NEUTRAL AT BOFAML
*PETROFAC CUT TO HOLD VS BUY AT JEFFERIES
*REPSOL CUT TO UNDERPERFORM VS HOLD AT JEFFERIES
*SNAM CUT TO NEUTRAL VS BUY AT CITI
*SNAM CUT TO NEUTRAL VS BUY AT UBS
*STANCHART CUT TO SELL VS NEUTRAL AT UBS
*ZOOPLA CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS

>>> PT Change


>>> Initiation
*GJENSIDIGE RATAD NEW OUTPERFORM AT RBC; PT NOK145
*SAINSBURY RESUMED NEUTRAL AT CITI, PT 320P
*SAMPO OYJ RATED NEW UNDERPERFORM AT RBC; PT EU36
*TRYG AS RATED NEW UNDERPERFORM AT RBC CAPITAL

>>> Call
>> Stock
*AEGON REMOVED FROM MOST PREFERRED EUROPEAN INSURERS AT CITI
*IBERDROLA ADDED TO CITI FOCUS LIST EUROPE