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

>>> Up
*ABB Raised to Buy at Nordea Securities, PT SEK230
*Archer Raised to Hold at Nordea Securities, PT NOK16.50
*Colruyt Raised to Hold at Bank Degroof Petercam, PT EU48
*Deutsche Boerse Raised to Overweight at Morgan Stanley
*Generali Raised to Hold at Deutsche Bank
*HAVAS SA Raised to Outperform at Main First Bank AG, PT EU10
*Hargreaves Lansdown Raised to Equal-Weight at Morgan Stanley
*IMI Raised to Outperform at Credit Suisse
*JCDecaux Raised to Neutral at Main First Bank AG, PT EU30
*Just Eat Raised to Outperform at Macquarie, PT 610p
*LSE Raised to Overweight at Morgan Stanley, PT 3280p
*Scout24 Raised to Outperform at Macquarie, PT EU37.89
*Segro Raised to Buy at Citi, PT 542p

>>> Down
*AB Foods Cut to Underperform at Exane, PT 2200p
*Bankia Cut to Underperform at BofAML
*CaixaBank Cut to Underperform at BofAML, PT EU2.90
*DKSH Cut to Hold at Kepler Cheuvreux, PT CHF79
*Essentra Cut to Hold at Jefferies, PT 450p
*H&M Cut to Reduce at HSBC, PT SEK200
*Intesa Cut to Neutral at Hammer Partners SA, PT EU2.50
*Intesa Cut to Hold at HSBC, PT EU2.44
*Kvaerner Cut to Hold at Pareto Securities, PT NOK13
*Lagardere Cut to Neutral at Main First Bank AG, PT EU27
*Marine Harvest Cut to Hold at SEB Equities, PT NOK145
*Metsa Board Cut to Hold at DNB Markets, PT EU7
*Proximus Cut to Hold at ING, PT EU30
*Publicis Cut to Underperform at Main First Bank AG, PT EU60
*Rotork Cut to Neutral at Credit Suisse
*Schroders Cut to Equal-Weight at Morgan Stanley, PT 3120p

>>> PT Change


>>> Initiation
*Aviva Rated New Hold at SocGen, PT 500p
*Enagas Rated New Buy at Jefferies, PT EU27
*esure Group Rated New Outperform at Credit Suisse
*RSA Rated New Outperform at Credit Suisse
*Schaeffler Rated New Equal-Weight at Morgan Stanley, PT EU15.50
*Schindler Rated New Hold at Baader-Helvea, PT CHF188
*St James's Place Rated New Buy at SocGen, PT 1250p
*Umicore Rated New Underweight at Barclays, PT EU45

>>> Call