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

>>> Up
*AZIMUT RAISED TO BUY VS NEUTRAL AT CITI
*FLUGHAFEN WIEN RAISED TO BUY VS REDUCE AT HSBC
*MARKS & SPENCER RAISED TO EQUALWEIGHT VS UNDERWEIGHT: BARCLAYS
*NOKIAN RENKAAT RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
*SOLSTAD OFFSHORE RAISED TO HOLD AT NORDEA
*VIENNA INSURANCE RAISED TO BUY VS NEUTRAL AT BOFA
*VODAFONE RAISED TO NEUTRAL VS REDUCE AT NOMURA

>>> Down
*AVEVA CUT TO NEUTRAL VS BUY AT CITI
*ICAP CUT TO SELL VS HOLD AT LIBERUM
*NORILSK NICKEL CUT TO NEUTRAL VS BUY AT UBS
*ORIFLAME CUT TO NEUTRAL VS BUY AT GOLDMAN

>>> PT change


>>> Initiation
*ALKERMES RATED NEW OVERWEIGHT AT BARCLAYS
*ASSA ABLOY RATED NEW UNDERPERFORM AT RBC, PT SEK470
*ELECTROLUX RATED NEW OUTPERFORM AT RBC, PT SEK320
*EIFFAGE RATED NEW UNDERWEIGHT AT BARCLAYS (NOTE ATTACHED)
*GEBERIT RATED NEW OUTPERFORM AT RBC, PT CHF370
*GROUPE EUROTUNNEL RATED NEW OVERWEIGHT AT BARCLAYS
*JOHNSON MATTHEY RATED NEW BUY AT JEFFERIES
*KONE OYJ RATED NEW SECTOR PERFORM AT RBC, PT EU41
*LEGRAND SA RATED NEW SECTOR PERFORM AT RBC, PT EU54

*PETS AT HOME RATED NEW BUY AT HSBC, PT 320P
*PUBLICIS REINSTATED NEUTRAL AT CITI, WAS SELL
*SCHINDLER HOLDING RATED NEW UNDERPERFORM AT RBC, PT CHF150
*VINCI RATED NEW EQUALWEIGHT AT BARCLAYS (NOTE ATTACHED)


>>> Call
>> Stock
* NOMURA Adds Atlantia, TUI AG, Hexagon, Legrand, Adecco, ING to European Recommended Portfolio
* NOMURA Removes Syngenta, Siemens, ABB, Alcatel-Lucent, Deutsche Post to European Recommended Portfolio