>>> Up
*ACCOR RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE (note attached)
*AKER SOLUTIONS RAISED TO NEUTRAL VS SELL AT UBS
*ALBIOMA CA RAISED TO BUY AT HSBC
*ASML RAISED TO BUY VS HOLD AT BERENBERG
*BERNER KANTONALBANK RAISED TO NEUTRAL AT CREDIT SUISSE
*DANONE RAISED TO BUY AT HAMBURGER SPARKASSE
*DMGT RAISED TO BUY FROM NEUTRAL AT CITI
*DOF RAISED TO HOLD AT NORDEA
*DUNELM RAISED TO BUY VS NEUTRAL AT UBS
*FOLLI FOLLIE RAISED TO HOLD VS REDUCE AT KEPLER CHEUVREUX
*IHG RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*PROSIEBENSAT.1 RAISED TO NEUTRAL VS SELL AT CITI
*PUBLICIS RAISED TO BUY FROM NEUTRAL AT CITI
*SCHIBSTED RAISED TO NEUTRAL VS SELL AT CITI
*SIEMENS RAISED TO BUY VS HOLD AT HSBC
*SKF RAISED TO HOLD AT HSBC
*TENARIS RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE
*URALKALI RAISED TO NEUTRAL VS SELL AT GOLDMAN
>>> Down
*BANQUE CANTONAL VAUDOISE CUT TO UNDERPERFORM AT CREDIT SUISSE
*DEBENHAMS CUT TO SELL VS NEUTRAL AT UBS
*DELCLIMA CUT TO HOLD VS BUY AT KEPLER CHEUVREUX
*GO-AHEAD CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*KLOECKNER CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISE
*NEXT CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*VIVENDI CUT TO SELL VS NEUTRAL AT CITI
>>> PT Change
>>> Initiation
*B&M RATED NEW BUY AT UBS, PT 400P
*NEXANS RATED NEW BUY AT HSBC, PT EU41
*NOVO NORDISK RATED NEW MARKET PERFORM AT LEERINK, PT $56
*PRYSMIAN RATED NEW HOLD AT HSBC, PT EU20
>>> Call
>> Sector
*BARCLAYS RAISES EUROPEAN BANKS TO OVERWEIGHT FROM MARKET WEIGHT
>> Index
*EURO STOXX 50 YR-END 2015 TARGET CUT TO 3,600 AT CREDIT SUISSE (note attached)
*EURO STOXX 50 MID-2016 TARGET CUT TO 3,800 AT CREDIT SUISSE
*S&P 500 YEAR-END 2015 TARGET CUT TO 2,100 AT CREDIT SUISSE
*S&P 500 MID-2016 TARGET CUT TO 2,200 AT CREDIT SUISSE
--> Comment from CS:We reduce our year-end 2015 and mid-2016 targets for the S&P 500 to 2,100 and 2,200 (and to
3,600 and 3,800 for Euro Stoxx 50), but remain constructive on equities due to: a) summer sell-offs tend to reverse, b) too much of a slowdown in growth is being priced in, c) the normal pre-conditions for an equity bear market are not in place, d) valuation is supportive, e) excess liquidity is consistent with a re-rating of global equities, f) tactical indicators are supportive. The bad news...we have revised down our EPS forecasts for 2015 and 2016 to 7% below cons in Europe for 2015 and 4% below cons in the US for 2016.