>>> Europe : Brokers Upgrades & Downgrades - 26th of October 2015

>>> Up
*BRAMMER RAISED TO BUY AT JEFFERIES
*GREEN REIT RAISED TO OUTPERFORM FROM NEUTRAL AT CREDIT SUISSE
*NATIONAL EXPRESS RAISED TO BUY VS HOLD AT LIBERUM
*NORTHGATE RAISED TO BUY AT JEFFERIES
*ROCKWOOL RAISED TO BUY VS HOLD AT HSBC

>>> Down
*GO-AHEAD CUT TO HOLD VS BUY AT LIBERUM
*HEXPOL CUT TO HOLD AT NORDEA
*INGENICO CUT TO NEUTRAL VS BUY AT BOFA
*JENOPTIK CUT TO HOLD VS BUY AT BERENBERG
*KEMIRA CUT TO HOLD AT NORDEA
*RANDSTAD CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY
*SSAB CUT TO NEUTRAL VS BUY AT GOLDMAN
*SSAB CUT TO HOLD VS BUY AT KEPLER CHEUVREUX
*THYSSENKRUPP CUT TO NEUTRAL AT CITI

>>> PT Change


>>> Initiation
*LEG IMMOBILIEN RATED NEW NEUTRAL AT CREDIT SUISSE
*MERLIN RATED NEW NEUTRAL AT CREDIT SUISSE

>>> Call
>> Stock
*BANCO POPOLARE SET AS A NEW LONG AT MEDIOBANCA, REPLACES UBI
*GENERALI SET AS A NEW SHORT AT MEDIOBANCA, REPLACES DANIELI