>>> Europe : brokers Upgrades & Downgrades - 25th of January 201

>>> Up
*ABB Raised to Outperform at RBC, PT CHF25
*ASHMORE Raised to Buy at UBS
*Axel Springer Raised to Equal-Weight at Barclays, PT EU48.50
*BGEO Group Raised to Buy at Peel Hunt
*BT Raised to Neutral at Macquarie, PT 270p
*Edenred Raised to Hold at Berenberg, PT EU19
*EDF Raised to Hold at HSBC, PT EU9
*Entra Raised to Buy at Goldman
*ICADE Raised to Buy at Goldman
*International Paper Raised to Outperform at BMO, PT $62
*Land Securities Raised to Buy at Goldman
*Legrand Raised to Sector Perform at RBC, PT EU55
*Mediaset Espana Raised to Equal-Weight at Barclays, PT EU11.25
*Metropole Television Raised to Overweight at Barclays
*New Wave Group Raised to Buy at Nordea Securities, PT SEK60
*Pfeiffer Vacuum Raised to Hold at Deutsche Bank, PT EU96.20
*ProSieben Raised to Overweight at Barclays, PT EU45
*Raiffeisen Raised to Buy at UBS, PT EU22
*Reckitt Benckiser Raised to Buy at Berenberg, PT 7900p
*RTL Raised to Equal-Weight at Barclays, PT EU75
*Schneider Raised to Outperform at RBC, PT EU75
*SKF Raised to Sector Perform at RBC, PT SEK170
*Spirax Raised to Outperform at RBC, PT 4800p
*SSE Raised to Buy at HSBC, PT GBP17.40
*Swatch Raised to Buy at Deutsche Bank, PT CHF415
*Telenor Raised to Hold at Berenberg
*Zurich Ins. Raised to Outperform at Exane, PT CHF318

>>> Down
*Alfa Laval Cut to Underperform at RBC, PT SEK135
*Aryzta Cut to Neutral at Goldman
*Aryzta Cut to Hold at Baader-Helvea, PT CHF32.50
*Aryzta Cut to Neutral at UBS, PT CHF33
*Attendo Cut to Hold at Nordea Securities, PT SEK84
*Axa Cut to Neutral at Exane, PT EU24
*BT Cut to Hold at Berenberg, PT 400p
*Citycon Cut to Sell at Goldman
*Elior Group Cut to Hold at Berenberg, PT EU21
*Eurocommercial Properties Cut to Sell at Goldman
*Geberit Cut to Sector Perform at RBC, PT CHF440
*Grand City Properties Cut to Neutral at Goldman, PT EU18.90
*Hamburger Hafen Cut to Sell at Citi, PT EU17.50
*Intu Cut to Sell at Goldman
*Inmarsat Cut to Sector Perform at RBC, PT 775p
*IMI Raised to Sector Perform at RBC, PT 1050p
*Lagardere Cut to Underweight at Barclays
*Legal & General Cut to Market Perform at Bernstein, PT $17
*Mercialys Cut to Sell at Goldman
*Metro Cut to Neutral at Macquarie, PT EU34
*Premier Foods Cut to Neutral at Credit Suisse, PT 40p
*Publicis Cut to Equal-Weight at Barclays, PT EU70
*Snam Cut to Hold at HSBC, PT EU4.10
*Vivendi Cut to Underweight at Barclays, PT EU17.50
*Wereldhave Cut to Sell at Goldman
*Yoox Net-a-Porter Cut to Underperform at Exane, PT EU20

>>> PT Change

>>> Initiation
*Abcam Rated New Hold at Peel Hunt, PT 750p
*BTG Rated New Hold at Peel Hunt, PT 630p
*Hikma Rated New Buy at Peel Hunt, PT 2340p
*IWG PLC RATED NEW BUY AT PEEL HUNT
*Soco International Rated New Buy at Peel Hunt, PT 180p
*TechnipFMC Rated New Outperform at Credit Suisse, PT EU40
*UDG Rated New Add at Peel Hunt, PT 730p
*WEIR GROUP ASSUMED AT SECTOR PERFORM AT RBC; PT 2,200P

>>> Call
>> Stock
*KLEPIERRE REMOVED FROM CONVICTION LIST, REMAINS BUY: GOLDMAN