>>> Europe : Brokers Upgrades & Downgrades - 23rd of May 2016

>>> Up
*BANCO MACRO RAISED TO NEUTRAL VS SELL AT CITI
*CELEBI RAISED TO BUY VS NEUTRAL AT GOLDMAN
*EULER HERMES RAISED TO HOLD AT HSBC
*FREENET RAISED TO HOLD VS REDUCE AT HSBC
*MICHELIN RAISED TO NEUTRAL AT JPMORGAN
*MONEYSUPERMARKET RAISED TO ADD VS HOLD AT PEEL HUNT
*PANDORA MEDIA RAISED TO BUY AT B. RILEY
*ROYAL MAIL RAISED TO SECTOR PERFORM VS UNDERPERFORM AT RBC
*VINCI RAISED TO BUY AT GOLDMAN, ADDED TO CONVICTION LIST
*WEIR GROUP RAISED TO BUY AT HSBC

>>> Down
*DOGUS OTO CUT TO SELL VS NEUTRAL AT GOLDMAN
*FERROVIAL CUT TO ADD VS BUY AT ALPHAVALUE
*ICAP CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*INMARSAT CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY
*NORWAY ROYAL SALMON CUT TO HOLD AT NORDEA
*RICHEMONT CUT TO NEUTRAL VS BUY AT CITI
*SOLOCAL CUT TO REDUCE VS BUY AT HSBC
*SOLOCAL CUT TO REDUCE VS BUY AT ALPHAVALUE
*SPORTS DIRECT CUT TO NEUTRAL VS BUY AT GOLDMAN

>>> PT Change


>>> Initiation
*CASINO RESUMED HOLD AT HSBC, PT EU56; WAS RESTRICTED
*KEMET RATED NEW BUY AT B. RILEY
*RALLYE RESUMED REDUCE AT HSBC, PT EU12; WAS RESTRICTED
*RED ROCK RESORTS RATED NEW BUY AT STIFEL

>>> Call
>> Stock
*AYGAZ REMOVED FROM CEEMEA FOCUS LIST AT GOLDMAN; STILL BUY
*CREDEM, SIAS SET AS NEW LONGS AT MEDIOBANCA
*POP. EMILIA, ANIMA REMOVED FROM LONG STOCKS AT MEDIOBANCA
*SEB EXITS KEPLER CHEUVREUX NORDIC TOP PICKS AS COVERAGE DROPPED