>>> Europe : Brokers Upgrades & DOwngrades - 23rd of March 2016

>>> Up
*ABC ARBITRAGE RAISED TO BUY VS HOLD AT KEPLER CHEUVREUX
*HEXAGON RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*MOTHERCARE RAISED TO BUY VS HOLD AT PEEL HUNT
*SKY RAISED TO OUTPERFORM VS NEUTRAL AT EXANE

>>> Down
*BALOISE CUT TO NEUTRAL VS OVERWEIGHT VS JPMORGAN
*BANCO POPOLARE CUT TO HOLD VS BUY AT HSBC
*BERENDSEN CUT TO HOLD AT STIFEL
*DAIMLER CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*DIRECT LINE CUT TO REDUCE VS HOLD AT HSBC
*DNB ASA CUT TO HOLD AT NORDEA
*FIRSTRAND CUT TO NEUTRAL VS BUY AT GOLDMAN
*GLENCORE CUT TO MARKET PERFORM VS OUTPERFORM AT BMO
*GULF MARINE SERVICES CUT TO EQUALWEIGHT VS OVERWEIGHT: BARCLAYS
*NORDEX CUT TO HOLD VS BUY AT SOCGEN
*SERCO CUT TO REDUCE VS HOLD AT HSBC
*SWEDBANK CUT TO SELL AT NORDEA

>>> PT Change


>>>> Initiation
*GFT RATED NEW NEUTRAL AT UBS; PT EU22.5
*PROSIEBENSAT.1 REINSTATED HOLD AT BANKHAUS LAMPE, PT EU45
*RTL GROUP REINSTATED SELL AT BANKHAUS LAMPE, PT EU65
*SAINSBURY RESUMED EQUALWEIGHT AT BARCLAYS; WAS SUSPENDED

>>> Call
>> Country
Russian Equities Raised to OW at JPMorgan, S.Africa Cut to UW