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

>>> Up
*AGEAS RAISED TO MARKET PERFORM AT KEEFE BRUYETTE
*COMPASS GROUP RAISED TO NEUTRAL AT GOLDMAN
*NATIONAL EXPRESS RAISED TO OVERWEIGHT AT JPMORGAN
*SANTANDER RAISED TO BUY VS ADD AT ALPHAVALUE
*SEB SA RAISED TO BUY VS UNDER REVIEW AT KEPLER CHEUVREUX
*SODEXO RAISED TO BUY VS NEUTRAL AT GOLDMAN
*VALORA RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE

>>> Down
*DEUTSCHE POST CUT TO NEUTRAL AT JPMORGAN
*FLUGHAFEN ZUERICH CUT TO UNDERPERFORM FROM NEUTRAL AT CREDIT SUISSE
*GETINGE CUT TO REDUCE VS ADD AT ALPHAVALUE
*STAGECOACH GROUP CUT TO NEUTRAL AT JPMORGAN
*TECHNOPOLIS CUT TO HOLD AT NORDEA


>>> PT Change


>>> Initiation
*VAT RATED NEW NEUTRAL AT CREDIT SUISSE; PT CHF60

>>> Call
>> Stock
* Santhera Pharmaceutical, Tecan, Rieter and Valora added to High Conviction Call at Credit Suisse