>>> Europe : Brokers Upgrades & Downgrades - 31st of October 201

>>> Up
* GN Raised to Buy at Goldman; PT 305 kroner
* Swedish Match Raised to Buy at AlphaValue
* Wihlborgs Raised to Hold at Handelsbanken; PT 150 kronor

>>> Down
* Banco Santander Cut to Underperform at KBW; PT 3.58 euros
* Demant Cut to Sell at Goldman; PT 150 kroner
* GEA Group Cut to Reduce at HSBC; PT 24 euros
* Solvay Cut to Hold at Baader Helvea; PT 102 euros
* Solvay Cut to Hold as Baader Sees Mid-Term Target Cuts, Weak 3Q
* Sonova Cut to Sell at Goldman; PT 193 Swiss francs
* UPM Cut to Hold as Jefferies Sees More Balanced Risk/Reward

>>> Initiation
* Altria Rated New Hold at Panmure Gordon; PT $58
* BAT Rated New Buy at Panmure Gordon; PT 4,600 pence
* Imperial Brands Rated New Hold at Panmure Gordon
* Prosus Rated New Outperform at Exane; PT 85 euros
* Swedish Match Rated New Sell at Panmure Gordon; PT 389 kronor

>>> Call