>>> Europe : Brokers Upgrades & Downgrades - 3rd of July 2015

>>> Up
*BAE SYSTEMS RAISED TO BUY VS NEUTRAL AT UBS
*BP RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*COBHAM RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*RECTICEL RAISED TO BUY FROM HOLD AT ING; PT EU5.80

>>> Down
*FIRSTGROUP CUT TO SELL VS NEUTRAL AT UBS
*SPEEDY HIRE CUT TO SECTOR PERFORM AT RBC CAPITAL

>>> PT Change


>>> Initiation


>>> Call
>> Sector
*CONTINENTAL EU SMALL CAPS RAISED TO OVERWEIGHT: CREDIT SUISSE