>>> Europe : Brokers Upgrades & Downgrades - 30th of July 2015

>>> Up
*HEIDELBERGCEMENT RAISED TO HOLD VS REDUCE AT KEPLER CHEUVREUX
*HIKMA RAISED TO NEUTRAL VS UNDERPERFORM AT BOFA
*PRELIOS RAISED TO NEUTRAL VS UNDERPERFORM AT MEDIOBANCA
*KPN RAISED TO OUTPERFORM AT RBC CAPITAL
*X5 RETAIL RAISED TO BUY VS HOLD AT HSBC

>>> Down
*COFACE CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*COFACE CUT TO REDUCE VS HOLD AT KEPLER CHEUVREUX
*COMPUGROUP MEDICAL CUT TO HOLD VS BUY AT BERENBERG
*DIA CUT TO UNDERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*DIXY GROUP CUT TO HOLD VS BUY AT HSBC
*EFG INTERNATIONAL CUT TO HOLD VS BUY AT JEFFERIES
*INDIVIOR CUT TO NEUTRAL VS BUY AT CITI
*MAGNIT CUT TO HOLD VS BUY AT HSBC
*MEDIASET ESPANA CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*ST JAMES’S PLACE CUT TO HOLD VS BUY AT BERENBERG
*TELECOM ITALIA CUT TO HOLD VS BUY AT BERENBERG
*THALES CUT TO NEUTRAL VS BUY AT CITI
*VEDANTA CUT TO NEUTRAL VS BUY AT BOFA
*VERBUND CUT TO HOLD VS BUY AT SOCGEN
*VOESTALPINE CUT TO HOLD VS BUY AT SOCIETE GENERALE

>>> PT Change


>>> Initiation
*PURETECH HEALTH PLC RATED NEW BUY AT JEFFERIES

>>> Call