>>> Europe : Brokers Upgrades & Downgrades - 23rd of June 2015

>>> Up
*BANCO POPOLARE RAISED TO EQUALWEIGHT AT BARCLAYS
*BANCA POPOLARE DI MILANO RAISED TO OVERWEIGHT AT BARCLAYS
*BANCA MONTE DEI PASCHI DI SIENA RAISED TO EQUALWEIGHT: BARCLAYS
*COLT GROUP RAISED TO NEUTRAL VS REDUCE AT NOMURA
*DEUTSCHE TELEKOM RAISED TO BUY VS NEUTRAL AT NOMURA
*DIAGEO RAISED TO BUY VS NEUTRAL AT NOMURA
*DSV RAISED TO OUTPERFORM VS SECTOR PERFORM AT RBC
*ENGIE RAISED TO BUY VS HOLD AT SOCGEN
*GREENE KING RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*INTERCONTINENTAL HOTELS RAISEED TO NEUTRAL AT CREDIT SUISSE
*JOHNSON MATTHEY RAISED TO BUY VS NEUTRAL AT CITI
*SMITH & NEPHEW RAISED TO BUY VS NEUTRAL AT UBS
*SPORTS DIRECT RAISED TO OUTPERFORM VS SECTOR PERFORM AT RBC
*VESUVIUS RAISED TO OVERWEIGHT AT JPMORGAN
*VODAFONE RAISED TO BUY VS NEUTRAL AT NOMURA


>>> Down
*AB FOODS CUT TO SECTOR PERFORM AT RBC CAPITAL
*ACCOR CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*BOLIDEN CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY
*MITCHELLS & BUTLERS CUT TO EQUALWEIGHT VS OVERWEIGHT: BARCLAYS
*TDC CUT TO REDUCE VS NEUTRAL AT NOMURA
*UNICREDIT CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*WILLIAM DEMANT CUT TO UNDERPERFORM VS BUY AT BOFA

>>> PT Change


>>> Initiation
*APPLUS RATED NEW OVERWEIGHT AT BARCLAYS, PT EU12
*INTEGRATED DIAGNOSTIC RATED NEW BUY AT CITI
*PRIMECITY INVESTMENT RATED NEW BUY AT BERENBERG, PT EU4.4
*SIXT LEASING RATED NEW BUY AT BERENBERG, PT EU22.4

>>> Call
>> Stock
*HOCHTIEF, BERTRANDT ADDED TO BANKHAUS LAMPE ALPHA LIST
>> Sector
*EUROPE CHEMICALS SECTOR CUT TO UNDERWEIGHT VS NEUTRAL AT UBS
*EUROPEAN TELECOM SERVICES SECTOR RAISED TO BULLISH AT NOMURA
*EUROPEAN LUXURY GOODS SECTOR CUT TO NEUTRAL AT NOMURA
*EUROPEAN UTILITIES SECTOR RAISED TO NEUTRAL VS UNDERWEIGHT: UBS