>>> Europe : Brokers Upgrades & DOwngrades - 2nd of September

>>> Up
*ALLIANZ RAISED TO BUY VS HOLD AT BANKHAUS LAMPE
*ASTRAZENECA RAISED TO BUY AT HSBC
*GENERALI RAISED TO BUY VS HOLD AT BANKHAUS LAMPE
*HELVETIA RAISED TO BUY VS HOLD AT KEPLER
*MERLIN ENTERTAINMENTS RAISED TO BUY FROM NEUTRAL AT UBS
*MOBILE TELESYSTEMS PJSC RAISED TO BUY AT HSBC
*OCTODEC RAISED TO OUTPERFORM AT MACQUARIE
*RBS RAISED TO HOLD VS SELL AT SOCGEN {NSN NU1BVY6JIJUO<Go>}
*TELECOM ITALIA RAISED TO OUTPERFORM AT RBC
*TELENOR RAISED TO OUTPERFORM VS UNDERPERFORM AT RBC
*VODAFONE RAISED TO OUTPERFORM AT RBC
*ZURICH INSURANCE RAISED TO HOLD VS SELL AT BANKHAUS LAMPE

>>> Down
*ELISA OYJ CUT TO UNDERPERFORM VS SECTOR PERFORM AT RBC
*ICADE CUT TO NEUTRAL VS BUY AT GOLDMAN
*INNOVATION GROUP CUT TO NEUTRAL VS BUY AT UBS
*MEGAFON PJSC CUT TO HOLD AT HSBC
*SUNRISE COMMUNICATIONS CUT TO SECTOR PERFORM AT RBC
*SWISSCOM CUT TO NETURAL VS BUY AT BOFA
*TELEFONICA CUT TO UNDERPERFORM AT RBC
*TELEFONICA CUT TO UNDERPERFORM VS NEUTRAL AT BOFA

>>> PT Chgange


>>> Initiation
*ALTICE RATED NEW OVERWEIGHT AT JPMORGAN


>>> Call
>> Stock
*EI TOWERS SET AS A NEW LONG AT MEDIOBANCA, REPLACES SARAS
*ENEL, TOD’S SET AS NEW SHORTS AT MEDIOBANCA
*ENEL GREEN POWER, SAIPEM EXIT SHORT STOCKS AT MEDIOBANCA