>>> Europe : Brokers Upgrades & Downgrades - 21st of August 2015

>>> Up
*ADIDAS RAISED TO NEUTRAL VS SELL AT GOLDMAN
*ECORODOVIAS RAISED TO OVERWEIGHT AT JPMORGAN
*SIG RAISED TO BUY VS HOLD AT LIBERUM {NSN NTF49Z6JTSEK<Go>}
*SUNRISE COMMUNICATIONS RAISED TO NEUTRAL VS SELL AT CITI
*UNITED POWER RAISED TO HOLD VS REDUCE AT KEPLER CHEUVREUX

>>> Down
*LUFTHANSA CUT TO SELL VS NEUTRAL AT GOLDMAN ( note attached)
*LUXOTTICA CUT TO SELL VS NEUTRAL AT GOLDMAN
*NORTHGATE CUT TO SELL VS BUY AT BERENBERG
*OXFORD INSTRUMENTS CUT TO SELL VS HOLD AT BERENBERG
*REPSOL CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*TOPPS TILES CUT TO HOLD VS BUY AT BERENBERG
*WIENERBERGER CUT TO NEUTRAL VS BUY AT CITI {NSN NTF4CY6S972C<Go>}

>>> PT Change
*UNITED POWER PT CUT TO EU0.8 VS EU1.1 AT KEPLER CHEUVREUX

>>> Initiation
*ALENT (EW) Raise PT to 503p from 390p AT BARCAP (Note attached)
*ALDERMORE RATED NEW OVERWEIGHT AT JPMORGAN, PT 325P
*CAIRN HOMES RATED NEW BUY AT GOODBODY, PT EU1.35
*CRODA (EW) Raise PT to 3200p from 3000p AT BARCAP
*DSM (EW) Lower PT to €52.00 from €53.00 AT BARCAP
*EVONIK Lower PT to €38.00 from €39.00 AT BARCAP
*SOLVAY (OW) Lower PT to €150.00 from €154.00 AT BARCAP
*VICTREX (OW) Lower PT to 2300p from 2400p AT BARCAP

>>> Call
>> Stock
*ANGLO AMERICAN ADDED TO LIBERUM’S CONVICTION SELL LIST
*BABCOCK REMOVED FROM LIBERUM’S CONVICTION SELL LIST
*GLENCORE REMOVED FROM LIBERUM’S CONVICTION SELL LIST
*PUBLICIS ADDED TO LIBERUM’S CONVICTION SELL LIST