From: LAURENT CHEKROUN (MAKOR SECURITIES LO) At: Apr 25 2016 08:00:16
Subject: >>> Europe : Brokers Upgrades & Downgrades - 25th of April 2016
>>> Up*ASHTEAD RAISED TO BUY VS UNDERPERFORM AT BOFAML*BANCO SANTANDER RAISED TO OVERWEIGHT AT JPMORGAN*BASF RAISED TO OUTPERFORM VS NEUTRAL AT EXANE*CRH RAISED TO NEUTRAL VS UNDERPERFORM AT BOFAML*ITHACA RAISED TO BUY VS SPECULATIVE BUY AT CANACCORD*N BROWN RAISED TO BUY VS HOLD AT N+1 SINGER*NOVARTIS RAISED TO NEUTRAL VS UNDERPERFORM AT MAINFIRST*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*SSAB RAISED TO NEUTRAL VS UNDERPERFORM AT EXANE*TED BAKER RAISED TO BUY AT JEFFERIES*WOLSELEY RAISED TO BUY VS NEUTRAL AT BOFAML>>> Down*FUGRO CUT TO HOLD VS BUY AT KBC SECURITIES*KONE CUT TO REDUCE VS ADD AT ALPHAVALUE*OPHIR CUT TO SPECULATIVE BUY VS BUY AT CANACCORD*OUTOKUMPU CUT TO SELL FROM HOLD AT SEB, PT EU3.3*TULLOW CUT TO HOLD VS BUY AT CANACCORD*UMICORE CUT TO ACCUMULATE VS BUY AT KBC SECURITIES*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*AUTO TRADER ADDED TO BOFAML EUROPE 1 LIST, STAYS BUY RATED*CREDIT AGRICOLE EXITS HSBC EUROPE SUPER 10 PORTFOLIO*LLOYDS ADDED TO HSBC EUROPE SUPER 10 PORTFOLIO>> Sector*EU TECHNOLOGY SECTOR CUT TO NEUTRAL AT BOFAML*EU CONSTRUCTION & MATERIALS SECTOR RAISED TO OVERWEIGHT: BOFAML*EUROPEAN SEMICONDUCTOR SECTOR RAISED FROM NEUTRAL TO OVERWEIGHT AT KEPLER