>>> Europe : Brokers Upgrades & Downgrades - 26th of May 2016

>>> Up
*ELECTROCOMPONENTS RAISED TO SECTOR PERFORM FROM UNDERPERFORM AT RBC
*INFOSYS RAISED TO BUY VS NEUTRAL AT GOLDMAN
*LANDI RENZO RAISED TO NEUTRAL VS SELL AT CITI
*MUNICH RE RAISED TO BUY VS SELL AT GOLDMAN

>>> Down
*MARKS & SPENCER CUT TO UNDERPERFORM AT JEFFERIES
*MARKS & SPENCER CUT TO UNDERPERFORM VS NEUTRAL AT EXANE
*MELROSE INDUSTRIES CUT TO NEUTRAL VS BUY AT UBS
*PROSEGUR CUT TO SELL VS NEUTRAL AT UBS
*STATOIL CUT TO HOLD AT HSBC

>>> PT Change


>>> Initiation
*SHIRE RATED NEW BUY AT STIFEL

>>> Call