>>> Europe : Brokers Upgrades & DOwngrades - 25th of May 2015

>>> Up
*ATLAS COPCO RAISED TO BUY VS NEUTRAL AT SWEDBANK
*GOLD FIELDS RAISED TO BUY VS HOLD AT HSBC
*SSAB RAISED TO BUY VS NEUTRAL AT GOLDMAN

>>> Down
*BHP BILLITON LTD CUT TO UNDERWEIGHT VS OVERWEIGHT AT CBA

>>> PT Change


>>> Initiation
*DS SMITH RATED NEW NEUTRAL AT GOLDMAN, PT 380P
*MONDI RATED NEW NEUTRAL AT GOLDMAN, PT 1,450P
*SMURFIT KAPPA RATED NEW CONVICTION BUY AT GOLDMAN
*STORA ENSO RATED NEW SELL AT GOLDMAN, PT EU8.4

>>> Call