>>> Europe : Brokers Upgrades & Downgrades - 24th of July 2015

>>> Up
*ACACIA MINING RAISED TO BUY AT CITI
*BP RAISED TO HOLD AT SANTANDER
*CAIRN ENERGY RAISED TO HOLD VS SELL AT SOCGEN
*FRESNILLO RAISED TO BUY AT CITI
*HOCHSCHILD MINING RAISED TO NEUTRAL AT CITI
*ICADE RAISED TO BUY VS NEUTRAL AT UBS
*NLMK RAISED TO OVERWEIGHT VS EQUALWEIGHT: BARCLAYS
*PLASTIC OMNIUM RAISED TO BUY VS HOLD AT SOCGEN
*RANDGOLD RAISED TO BUY AT CITI
*RHEINMETALL RAISED TO BUY VS HOLD AT BERENBERG
*SEVERSTAL RAISED TO OVERWEIGHT VS EQUALWEIGHT: BARCLAYS
*TALANX RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*UNILEVER RAISED TO BUY AT CANACCORD GENUITY
*VESTAS WIND RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS

>>> Down
*ATRESMEDIA CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*BENI STABILI CUT TO NEUTRAL VS CONVICTION BUY AT GOLDMAN
*DAIRY CREST CUT TO NEUTRAL VS BUY AT UBS
*FABEGE AB CUT TO NEUTRAL VS BUY AT GOLDMAN
*HANNOVER RE CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*MTU AERO ENGINES CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*PKN ORLEN CUT TO HOLD VS BUY AT SOCGEN; PT RAISED TO PLN79
*TELE2 CUT TO NEUTRAL VS BUY AT CITI

>>> PT Change


>>> Initiation
*DEUTSCHE ANNINGTON RATED NEW OVERWEIGHT AT JPMORGAN
*LAFARGEHOLCIM RATED NEW NEUTRAL AT GOLDMAN, PT CHF79.70
*RATIONAL REINITIATED HOLD AT BERENBERG, PT EU366

>>> Call