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

sorry disregard KEring & HErmes change at Exane of sent earlier...I will double check

From: LAURENT CHEKROUN (MAKOR SECURITIES LO) At: Sep 30 2015 08:01:44
Subject: >>> Europe : Brokers Upgrades & Downgrades - 30th of September 2015
>>> Up
*HSBC RAISED TO BUY VS NEUTRAL AT UBS
*RANDALL & QUILTER RAISED TO ADD VS HOLD AT NUMIS
*SEMPERIT RAISED TO BUY VS HOLD AT HSBC
*SHIRE RAISED TO HOLD VS REDUCE AT HSBC

>>> Down


>>> PT Change


>>> Initiation
*HISPANIA RATED NEW NEUTRAL AT GOLDMAN SACHS, PT EU15
*HSS HIRE RATED NEW ADD AT PEEL HUNT, PT 70P
*MERLIN RATED NEW NEUTRAL AT GOLDMAN SACHS, PT EU11.9
*ROLLS-ROYCE REINSTATED AT BUY AT GOLDMAN SACHS
*VICTREX RATED NEW BUY AT LIBERUM, PT 2,200P

>>> Call