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

>>> Up
*BEAZLEY RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*HISCOX RAISED TO OVERWEIGHT VS NETURAL AT JPMORGAN
*NOVOZYMES RAISED TO BUY VS SELL AT UBS
*SWISS RE RAISED TO BUY VS NEUTRAL AT GOLDMAN
*VIENNA INSURANCE RAISED TO HOLD VS SELL AT DEUTSCHE BANK

>>> Down
*MUNICH RE CUT TO SELL VS NEUTRAL AT GOLDMAN
*RED ELECTRICA CUT TO HOLD VS BUY AT DEUTSCHE BANK
*RWE CUT TO HOLD VS BUY AT LIBERUM
*WEIR CUT TO HOLD VS BUY AT DEUTSCHE BANK

>>> PT Change


>>> Initiation
*DARTY RATED NEW HOLD AT KEPLER CHEUVREUX, PT 80P
*SISTEMA RATED OVERWEIGHT AT JPMORGAN; WAS RESTRICTED/NEUTRAL

>>> Call
>> Stock
*TAYLOR WIMPEY EXITS GOLDMAN CONVICTION BUY LIST, STAYS BUY