>>> Europe : Brokers Upgrades & Downgrades - 21st of July 2017

>>> Up
* Essilor Raised to Outperform at MainFirst, PT EU135
* GAM Holding Raised to Outperform at MainFirst, PT CHF17
* Krones Raised to Hold at Kepler Cheuvreux, PT EU101
* Scana Raised to Neutral at Goldman
* Swiss Re Raised to Overweight at Morgan Stanley, PT CHF104.30
* TomTom Raised to Buy at AlphaValue

>>> Down
* ABB Cut to Equal-weight at Morgan Stanley, PT CHF25
* Assa Abloy Cut to Neutral at Goldman
* Iberdrola Cut to Neutral at MedioBanca, PT EU6.80
* Metro Downgraded to Hold at M.M. Warburg, PT EU10.60
* Munich Re Cut to Equal-weight at Morgan Stanley, PT EU196
* Nostrum Oil & Gas Cut to Sell at Citi, PT 331p
* Somfy Cut to Hold at SocGen, PT EU88

>>> Initiation
* Alfa Laval New Hold at Kepler Cheuvreux, PT SEK196
* AMS New Neutral at JPMorgan, PT CHF72
* Basler New Buy at Berenberg
* Drillisch New Overweight at Morgan Stanley, PT EU66
* Nordex New Underperform at MainFirst, PT EU10
* Tullow New Buy at SocGen, PT 208p

>>> Call