>>> Europe : Brokers Upgrades & Downgrades - 23rd of October

>>> Up
* ABN AMRO GDRs Raised to Buy at Goldman; PT 11.40 euros
* BPER Banca Raised to Buy at Goldman; PT 2.20 euros
* Collector Raised to Buy at ABG; PT 15 kronor
* Gem Diamonds Raised to Buy at Citi
* Intesa Sanpaolo Raised to Buy at Oddo BHF; PT 2.25 euros
* Kainos Raised to Buy at Berenberg
* Mediaset Espana Raised to Buy at Intermoney Valores; PT 5 euros
* Mycronic Raised to Hold at Handelsbanken; PT 200 kronor
* Puma Raised to Buy at MainFirst; PT 95 euros

>>> Down
* Air France-KLM Cut to Sell at ABN Amro Bank; PT 2 euros
* Airtel Africa Cut to Underweight at Barclays; PT 60 pence
* Banco BPM Cut to Neutral at Goldman; PT 1.85 euros
* Hellenic Telecom Cut to Underweight at Barclays; PT 13 euros
* Huhtamaki Cut to Hold at Handelsbanken; PT 45 euros
* IAG Cut to Hold at Liberum; PT 100 pence
* JM Cut to Hold at Handelsbanken; PT 300 kronor

>>> Initiation
* Royal Unibrew Rated New Buy at Citi

>>> Call
* Evolution PT Hiked at Morgan Stanley Post 3Q, U.S. ‘Next Leg’
* Kering Shows Strong Rebound in 3Q, But Gucci Trailing: Bernstein
* L’Oreal Sales Show ‘Power’ of High-Quality Portfolio: Jefferies
* Michelin Guidance Boost to Trigger Earnings Upgrades: Jefferies
* Moncler 3Q Beat Lagging Best-in-Class Luxury Players: Bernstein