>>> Europe : Brokers Upgrades & Downgrades - 29th of July 2016

>>> Up
*ACEA RAISED TO BUY AT KEPLER CHEUVREUX
*ACERINOX RAISED TO ADD VS REDUCE AT ALPHAVALUE
*ANGLO AMERICAN RAISED TO BUY VS REDUCE AT ALPHAVALUE
*ANGLO AMERICAN RAISED TO ’BUY’ AT RENAISSANCE CAPITAL
*DOW CHEMICAL RAISED TO OVERWEIGHT AT JPMORGAN
*GENEL ENERGY RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*HENDERSON GROUP RAISED TO OUTPERFORM AT CREDIT SUISSE
*IMERYS RAISED TO HOLD AT HSBC
*LEGAL & GENERAL RAISED TO NEUTRAL AT MACQUARIE
*NESTE OYJ RAISED TO HOLD AT NORDEA
*PRYSMIAN RAISED TO OUTPERFORM AT MEDIOBANCA

>>> Down
*ADIDAS CUT TO SELL VS NEUTRAL AT CITI
*GEOX CUT TO HOLD AT KEPLER CHEUVREUX
*KINNEVIK CUT TO ADD VS BUY AT ALPHAVALUE
*NATIONAL GRID CUT TO SECTOR PERFORM AT RBC CAPITAL
*SECURITAS CUT TO HOLD AT NORDEA
*VANTIV CUT TO EQUALWEIGHT AT BARCLAYS
*WACKER CHEMIE CUT TO SELL VS NEUTRAL AT CITI
*WORLDLINE CUT TO REDUCE AT HSBC

>>> PT Change


>>> Initiation
*ADP RATED NEW NEUTRAL AT MEDIOBANCA; PT EU99
*BECHTLE RATED NEW BUY AT KEPLER CHEUVREUX
*EUROTUNNEL RATED NEW UNDERPERFORM AT MEDIOBANCA; PT EU8
*LUFTHANSA REINITIATED HOLD AT BANKHAUS LAMPE, PT EU10.2

>>> Call