>>> Europe : Brokers Upgrades & Downgrades - 23rd of June 2017

>>> Up
*Ascential Raised to Add at Peel Hunt
*Centrica Raised to Neutral at JPMorgan, PT 205p
*Commerzbank Raised to Buy at Citi
*ITV Raised to Overweight at Morgan Stanley, PT 230p
*Salzgitter Raised to Hold at Commerzbank, PT EU38
*SAS Raised to Hold at HSBC, PT SEK20
*Swiss Prime Raised to Neutral at Credit Suisse
*Vivendi Raised to Outperform at Raymond James

>>> Down
*BAE Cut to Neutral at JPMorgan, PT 685p
*Cellnex Cut to Neutral at Goldman
*Domino's Cut to Hold at Berenberg
*Duerr Cut to Hold at HSBC, PT EU104
*Heineken Cut to Hold at Stifel, PT EU93
*SAP Cut to Hold at Commerzbank, PT EU100

>>> Initiation
*Altice USA New Buy at Pivotal, PT $38
*Amundi New Outperform at Macquarie, PT EU72.20
*Azimut New Outperform at Macquarie, PT EU19.90
*BASF New Sell at Berenberg, PT EU78
*Beiersdorf New Outperform at MainFirst, PT EU115
*DSV New Buy at HSBC
*Henkel New Neutral at MainFirst, PT EU125
*Kuehne + Nagel New Hold at HSBC
*L'Oreal New Neutral at MainFirst, PT EU190
*Panalpina New Reduce at HSBC
*Scout24 New Buy at Kepler Cheuvreux, PT EU38.50

>>> Call
>> Stock
*ROYAL DUTCH SHELL ADDED TO EUROPEAN FOCUS LIST AT CREDIT SUISSE