>>> Europe : Brokers Upgrades & Downgrades - 28th of September 2016

>>> Up
*AMERISUR RESOURCES RAISED TO HOLD VS REDUCE AT PEEL HUNT
*HENKEL RAISED TO NEUTRAL AT JPMORGAN
*K+S RAISED TO EQUAL WEIGHT VS UNDERWEIGHT AT MORGAN STANLEY
*LANXESS RAISED TO BUY AT DEUTSCHE BANK
*PETROFAC RAISED TO BUY VS NEUTRAL AT GOLDMAN
*PROSIEBENSAT.1 RAISED TO HOLD VS SELL AT BERENBERG
*TECNICAS REUNIDAS RAISED TO BUY VS NEUTRAL AT GOLDMAN

>>> Down
*ICAP CUT TO NEUTRAL VS BUY AT CITI
*U-BLOX CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE

>>> PT Change


>>> Initiation
*MERLIN PROPERTIES RESUMED AT OVERWEIGHT AT MORGAN STANLEY

>>> Call