>>> Europe : Brokers Upgrades & Downgrades - 25th of April 2016

>>> Up
*BANCO SANTANDER RAISED TO OVERWEIGHT AT JPMORGAN
*SOFTWARE AG RAISED TO REDUCE VS SELL AT ALPHAVALUE
*SSAB RAISED TO HOLD FROM SELL AT SEB; PT SK34
*SSAB RAISED TO HOLD AT JEFFERIES
*TED BAKER RAISED TO BUY AT JEFFERIES

>>> Down
*KONE CUT TO REDUCE VS ADD AT ALPHAVALUE
*VOLVO CUT TO HOLD VS BUY AT SOCIETE GENERALE

>>> PT Change


>>> Initiation
*MAJESTIC WINE RATED NEW BUY AT PEEL HUNT, PT 540P
*MORGAN ADVANCED MATERIAL RATED NEW BUY AT HSBC
*WAYFAIR RATED NEW NEUTRAL AT JPMORGAN

>>> Call
>> Stock
*CREDIT AGRICOLE EXITS HSBC EUROPE SUPER 10 PORTFOLIO
*LLOYDS ADDED TO HSBC EUROPE SUPER 10 PORTFOLIO