>>> Europe : Brokers Upgrades & Downgrades - 27th of August 2015

>>> Up
*CERVED RAISED TO BUY VS HOLD AT HSBC
*CONWERT RAISED TO BUY VS HOLD AT KEPLER CHEUVREUX
*EDENRED RAISED TO BUY VS NEUTRAL AT ODDO
*FONCIERE DES REGIONS RAISED TO EQUALWEIGHT AT MORGAN STANLEY
*GRIEG SEAFOOD ASA RAISED TO BUY AT NORDEA
*ING GROEP RAISED TO BUY AT DEUTSCHE BANK
*LONDONMETRIC RAISED TO EQUALWEIGHT AT MORGAN STANLEY
*MEDIASET RAISED TO OUTPERFORM VS NEUTRAL AT MEDIOBANCA
*MERCK KGAA RAISED TO BUY VS HOLD AT BERENBERG
*METRO RAISED TO BUY VS SELL AT BANKHAUS LAMPE
*PETROFAC RAISED TO BUY VS HOLD AT SOCGEN
*PHILIPS RAISED TO BUY VS NEUTRAL AT NOMURA
*PREMIER FARNELL RAISED TO BUY VS HOLD AT HSBC
*RELX RAISED TO BUY VS HOLD AT BERENBERG
*SKF RAISED TO BUY VS NEUTRAL AT UBS
*TATE & LYLE RAISED TO BUY AT JEFFERIES
*THYSSENKRUPP RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*WPP RAISED TO HOLD VS SELL AT BERENBERG

>>> Down
*CAPITAL & COUNTIES CUT TO EQUALWEIGHT AT MORGAN STANLEY
*HAMMERSON CUT TO EQUALWEIGHT AT MORGAN STANLEY

>>> PT Change
*ARCELORMITTAL PT CUT TO €10.50 FROM €11 AT BARCAP (Note attached)
*VOESTALPINE PT CUT TO €43 from €45 AT BARCAP

>>> initiation
*ARCELORMITTAL RATED NEW NEUTRAL AT JPMORGAN, PT EU7.50
*SALZGITTER RATED NEW EQUALWEIGHT AT BARCLAYS, PT EU30 (Note attached)
*SHAFTESBURY RESUMED REDUCE AT HSBC, PT 856P
*THYSSENKRUPP RATED NEW OVERWEIGHT AT JPMORGAN, PT EU23.60


>>> call
>> Stock
*LAFARGEHOLCIM MOVED TO SECTOR TOP PICK AT MORGAN STANLEY