>>> Europe : Brokers Upgrades & Downgrades - 28th of June 2017

>>> Up
*BT Raised to Outperform at Macquarie
*Petrofac Raised to Equal-weight at Morgan Stanley, PT 475p
*Saras Raised to Outperform at Macquarie

>>> Down
*Aurubis Cut to Hold at Baader-Helvea, PT EU74
*HAVAS SA Cut to Equal-weight at Barclays, PT EU9.25

>>> Initiation
*Kamux New Buy at SEB Equities, PT EU9.10

>>> Call