>>> Europe : Brokers Upgrades & Downgrades - 3rd of August 2016

>>> Up
*EDF RAISED TO BUY VS HOLD AT INVESTEC
*ISS RAISED TO HOLD AT HSBC
*LAIRD RAISED TO BUY VS NEUTRAL AT UBS
*QEP RESOURCES RAISED TO OVERWEIGHT AT BARCLAYS
*SSE RAISED TO NEUTRAL VS SELL AT CITI

>>> Down
*CLARIANT CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY
*DIRECT LINE CUT TO UNDERPERFORM VS NEUTRAL AT MACQUARIE
*DRAX CUT TO SELL VS NEUTRAL AT CITI
*ENDOLOGIX CUT TO SECTOR PERFORM VS OUTPERFORM AT RBC
*INFINEON CUT TO NEUTRAL VS BUY AT UBS (note attached)
*INTU PROPERTIES CUT TO REDUCE AT HSBC
*LUFTHANSA CUT TO SELL VS REDUCE AT ALPHAVALUE
*NEMETSCHEK CUT TO REDUCE VS NEUTRAL AT ODDO SEYDLER
*SENIOR CUT TO HOLD VS BUY AT PEEL HUNT
*UNITED UTILITIES CUT TO SELL VS NEUTRAL AT CITI

>>> PT Change


>>> Initiation
*DKSH RATED NEW BUY AT KEPLER CHEUVREUX
*GVC HOLDINGS RATED NEW BUY AT LIBERUM, PT 738P
*LINDE ASSUMED OVERWEIGHT AT MORGAN STANLEY, PT EU146

>>> Call