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

>>> Up
*CENTAMIN RAISED TO OVERWEIGHT AT CI CAPITAL
*ENERGY TRANSFER RAISED TO OUTPERFORM AT BAIRD
*ERICSSON RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE
*LUNDBECK RAISED TO BUY VS HOLD AT DNB MARKETS
*MONSANTO RAISED TO MARKET PERFORM AT BERNSTEIN

>>> Down
*HAYS CUT TO SECTOR PERFORM AT RBC CAPITAL
*IMPERVA CUT TO NEUTRAL AT NOMURA
*INTERCONTINENTAL HOTELS CUT TO UNDERWEIGHT AT MORGAN STANLEY
*LLOYDS CUT TO SELL VS NEUTRAL AT GOLDMAN
*LUNDBECK CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*METRO BANK CUT TO SELL VS NEUTRAL AT GOLDMAN
*N BROWN CUT TO HOLD VS BUY AT HSBC
*QSC CUT TO HOLD VS BUY AT BANKHAUS LAMPE
*REC SILICON CUT TO HOLD VS BUY AT HSBC
*RESTAURANT BRANDS CUT TO UNDERPERFORM AT LONGBOW RESEARCH
*SHIRE CUT TO HOLD AT HSBC

>>> PT Change
*WIENERBERGER TARGET PRICE RAISED TO EU18.5 VS EU15 AT HSBC

>>> Initiation


>>> Call
>> Sector
*EUROPEAN STEEL EQUITIES CUT TO IN-LINE AT MORGAN STANLEY