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

>>> Up
*CREDIT SUISSE RAISED TO OUTPERFORM AT RBC
*HUGO BOSS RAISED TO BUY VS HOLD AT BANKHAUS LAMPE
*INFINEON TECH RAISED TO HOLD VS SELL AT BANKHAUS LAMPE
*MELROSE RAISED TO BUY FROM NEUTRAL AT UBS
*ROTORK RAISED TO ADD VS HOLD AT NUMIS
*TELEFONICA DEUTSCHLAND RAISED TO BUY VS NEUTRAL AT NOMURA
*UNILEVER RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS

>>> Down
*HENKEL CUT TO EQUALWEIGHT AT BARCLAYS
*MORGAN ADVANCED MATERIALS CUT TO SELL FROM NEUTRAL AT UBS
*NUVASIVE CUT TO NEUTRAL VS BUY AT GOLDMAN
*ROTORK CUT TO NEUTRAL FROM BUY AT UBS
*SPECTRIS CUT TO SELL FROM NEUTRAL AT UBS

>>> PT Change


>>> Initiation
*COLONIAL RATED NEW BUY AT GOLDMAN, PT EU0.77
*INVESCO RATED NEW OVERWEIGHT AT PIPER, PT $50
*MERLIN PROPERTIES RATED NEW BUY AT GOLDMAN, PT EU14.5
*SOUTH32 RATED NEW OVERWEIGHT AT MORGAN STANLEY, PT A$2.55

>>> Call