>>> Europe : Brokers Upgrades & Downgrades - 27th of September 2016

>>> Up
*ASHTEAD RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE
*DIALOG SEMI RAISED TO BUY VS ADD AT ALPHAVALUE
*FRESNILLO RAISED FROM UNDERWEIGHT TO EQUAL WEIGHT AT MORGAN STANLEY
*KERING RAISED TO BUY VS NEUTRAL AT GOLDMAN
*ORANGE RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*TARGA RESOURCES CORP RAISED TO OVERWEIGHT AT BARCLAYS

>>> Down
*EON CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*GEMALTO CUT TO SELL VS HOLD AT BERENBERG
*SAGA CUT TO HOLD VS BUY AT CANACCORD
*SMURFIT KAPPA CUT TO HOLD VS BUY AT JEFFERIES

>>> PT Change


>>> Initiation
*NOVOZYMES RATED NEW SELL AT BERENBERG, PT DKK250
*SYNERGY RESOURCES CORP RATED NEW OUTPERFORM AT RBC CAPITAL

>>> Call
>> Stock
*ALROSA REMOVED FROM CEEMEA FOCUS LIST AT GOLDMAN
*CAPITAL STAGE ADDED TO BANKHAUS LAMPE SMALL-CAP ALPHA LIST
*HEIDELBERGCEMENT, INFINEON ADDED TO BANKHAUS LAMPE ALPHA LIST