>>> Europe : Brokers Upgrades & Downgrades - 28th of July 2015

>>> Up
*AVEVA RAISED TO NEUTRAL VS SELL AT GOLDMAN
*BWIN.PARTY RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE
*PHILIPS RAISED TO BUY VS HOLD AT SOCGEN
*PHILIPS RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS

>>> Down
*DRAX CUT TO REDUCE VS HOLD AT HSBC
*EUTELSAT CUT TO HOLD VS BUY AT HSBC
*LAFARGEHOLCIM RATED REDUCE AT HSBC; WAS RESTRICTED

>>> PT Change


>>> Initiation
*BANKIA RATED NEUTRAL VS NOT RATED AT JPMORGAN
*CRH RATED HOLD AT HSBC; WAS RESTRICTED
*INWIT RATED NEW NEUTRAL AT UBS, PT EU4.30
*INWIT RATED NEW OUTPERFORM AT MEDIOBANCA; PT EU5.12
*INWIT RATED NEW OUTPERFORM AT MEDIOBANCA; PT EU5.12
*NORDAX GROUP RATED NEW EQUALWEIGHT AT MORGAN STANLEY, PT SK45.3

>>> Call
>> Country
*U.K. EQUITIES CUT TO BENCHMARK BY CREDIT SUISSE’S GARTHWAITE
>> Index
*FTSE 100 YR-END TGT CUT TO 7,000 VS 7,450 AT CREDIT SUISSE