>>> Europe : Brokers Upgrades & Downgrades - 22nd of April 2016

>>> Up
*BARRATT RAISED TO HOLD VS SELL AT LIBERUM
*GAMESA RAISED TO BUY VS NEUTRAL AT GOLDMAN
*GASLOG RAISED TO BUY VS HOLD AT JEFFERIES
*GOLAR LNG RAISED TO BUY VS HOLD AT JEFFERIES
*NOVARTIS RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS

>>> Down
*ACTELION CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*ARCADIS CUT TO NEUTRAL VS BUY AT SNS; PT TO EU14 VS EU20
*ERICSSON CUT TO ADD VS BUY AT ALPHAVALUE (YESTERDAY)
*ERICSSON CUT TO HOLD AT NORDEA
*ERICSSON CUT TO MARKETPERFORM VS OUTPERFORM AT BERNSTEIN
*FAURECIA CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*GAS NATURAL CUT TO NEUTRAL VS BUY AT GOLDMAN
*HOCHSCHILD MINING CUT TO HOLD VS ADD AT NUMIS
*INDUTRADE AB CUT TO SELL AT NORDEA
*INGENICO CUT TO UNDERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*PERNOD RICARD CUT TO ADD VS BUY AT ALPHAVALUE
*PERNOD CUT TO HOLD AT HSBC
*STATOIL ASA CUT TO ’HOLD’ AT DNB MARKETS
*YARA CUT TO HOLD AT ARCTIC SECURITIES
*YARA INTERNATIONAL CUT TO ’SELL’ AT DNB MARKETS

>>> PT Change



>>> Initiation
*FINGERPRINT CARDS RATED NEW SELL AT UBS; PT SEK375
*NORTHGATE RATED NEW BUY AT CITI, PT 600P

>>> Call
>> Stock
*VEOLIA ADDED TO CONVICTION BUY LIST AT GOLDMAN