>>> Europe : Brokers Upgrades & Downgrades - 31st of May 2016

>>> Up
*ALTICE N.V. RAISED TO BUY AT PIVOTAL RESEARCH
*SALZGITTER RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE

>>> Down
*BANCO POPULAR ESPANOL CUT TO SELL VS BUY AT ALPHAVALUE
*DIASORIN CUT TO HOLD AT KEPLER CHEUVREUX
*EIFFAGE CUT TO REDUCE VS HOLD AT KEPLER CHEUVREUX
*STATOIL CUT TO UNDERPERFORM VS SECTOR PERFORM AT RBC
*VINCI CUT TO HOLD VS BUY AT KEPLER CHEUVREUX
*VOESTALPINE CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*WILLIAM DEMANT CUT TO REDUCE VS BUY AT ALPHAVALUE

>>> PT Change


>>> Initiation
*ADECCO RESUMED OVERWEIGHT AT JPMORGAN, PT CHF70
*BACANORA MINERALS RATED NEW OUTPERFORM AT MACQUARIE; PT 120P
*OTE RESUMED AT BUY AT BOFAML; PT EU12

>>> Call
>> Stock
*AHOLD ADDED TO EUROPE 1 LIST AT BOFAML
*NEXT ADDED TO EUROPEAN RECOMMENDED PORTFOLIO AT BARCLAYS