>>> Europe : Brokers Upgrades & DOwngrades - 22nd of September 2015

>>> Up
*BAM RAISED TO BUY VS HOLD AT ING; PT UP TO EU6 VS EU4
*INDIVIOR RAISED TO BUY VS NEUTRAL AT CITI
*MONDADORI RAISED TO OUTPERFORM VS NEUTRAL AT MEDIOBANCA
*TOTAL RAISED TO BUY VS HOLD AT SOCGEN

>>> Down
*ABB CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*ANGLO AMERICAN CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE (Note Attached)
*ANTOFAGASTA CUT TO UNDERPERFORM AT CREDIT SUISSE
*BT GROUP CUT TO NEUTRAL VS BUY AT NOMURA
*HANDELSBANKEN CUT TO UNDERWEIGHT VS EQUALWEIGHT: MORGAN STANLEY
*IMI CUT TO HOLD AT JEFFERIES
*KAZ MINERALS CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*ONESAVINGS BANK CUT TO SELL VS HOLD AT INVESTEC
*OXFORD INSTRUMENTS CUT TO UNDERPERFORM AT JEFFERIES
*ROTORK CUT TO UNDERPERFORM AT JEFFERIES
*SOCIETE GENERALE CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*VEDANTA CUT TO UNDERPERFORM AT CREDIT SUISSE
*VOLKSWAGEN CUT TO HOLD VS BUY AT DZ BANK

>>> PT Change


>>> Initiation
*CINEWORLD GROUP RATED NEW NEUTRAL AT NOMURA

>>> Call
>> Stock
*HSBC ADDED TO GOLDMAN SACHS CONVICTION BUY LIST
*HENKEL, RHOEN-KLINIKUM REMOVED FROM BANKHAUS LAMPE ALPHA LIST
*BMW, FRESENIUS MEDICAL CARE ADDED TO BANKHAUS LAMPE ALPHA LIST