>>> Europe : Brokers Upgrades & Downgrades - 22nd of September 2

>>> Up
*GLENCORE RAISED TO HOLD VS SELL AT LIBERUM
*HOLMEN RAISED TO BUY AT NORDEA
*INFINEON RAISED TO ’OUTPERFORM’ AT MAIN FIRST BANK AG
*JERONIMO MARTINS RAISED TO REDUCE VS SELL AT ALPHAVALUE
*PRYSMIAN SPA RAISED TO BUY AT HSBC
*TELECOM ITALIA RAISED TO OUTPERFORM VS NEUTRAL AT MACQUARIE

>>> Down
*ACACIA MINING CUT TO REDUCE VS HOLD AT PEEL HUNT
*CENTRICA CUT TO UNDERPERFORM AT JEFFERIES
*PEARSON CUT TO NEUTRAL VS OUTPERFORM AT EXANE
*SUBSEA 7 CUT TO NEUTRAL VS OUTPERFORM AT MACQUARIE

>>> PT Change


>>> Initiation
*AEGEAN AIRLINES RATED NEW BUY AT HSBC; PT EU8
*BBA AVIATION RATED NEW OVERWEIGHT AT BARCLAYS; PT 280P
*CHURCHILL DOWNS RATED NEW NEUTRAL AT JPMORGAN
*DENTSPLY SIRONA RATED NEW NEUTRAL AT JPMORGAN
*DEUTSCHE BANK RATED HOLD AT HSBC, PT EU14; WAS RESTRICTED
*DUNELM GROUP RATED NEW BUY AT HSBC
*INTRALINKS HOLDINGS RATED NEW MARKET OUTPERFORM AT JMP
*NETLIST RATED NEW BUY AT B. RILEY
*STAFFLINE RATED NEW UNDERPERFORM AT CREDIT SUISSE
*SWEDISH MATCH RATED NEW HOLD AT BERENBERG, PT SEK312
*TARGOVAX RATED NEW BUY AT ARCTIC SECURITIES

>>> Call