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

>>> Up
*IS BANKASI RAISED TO BUY AT SOCIETE GENERALE
*PETRA DIAMONDS RAISED TO OUTPERFORM VS NEUTRAL AT MACQUARIE
*SSE RAISED TO BUY VS HOLD AT INVESTEC
*TECHNIP RAISED TO HOLD VS SELL AT LIBERUM
*ZODIAC AEROSPACE RAISED TO NEUTRAL AT JPMORGAN

>>> Down
*BANCO POPULAR CUT TO HOLD VS BUY AT SOCGEN
*BARCLAYS AFRICA GROUP CUT TO HOLD VS BUY AT RENAISSANCE CAPITAL
*DNB NOR CUT TO ADD VS BUY AT ALPHAVALUE
*GAM HOLDING CUT TO NEUTRAL VS OUTPERFORM AT MEDIOBANCA
*GARANTI CUT TO HOLD AT SOCIETE GENERALE
*GEM DIAMONDS CUT TO NEUTRAL VS OUTPERFORM AT MACQUARIE
*KELLER CUT TO HOLD VS BUY AT BERENBERG
*MTU AERO ENGINES AG CUT TO UNDERWEIGHT AT JPMORGAN
*NEDBANK CUT TO HOLD VS BUY AT RENAISSANCE CAPITAL
*NORDEN CUT TO SELL FROM HOLD AT SEB; PT DKK94
*STAGECOACH CUT TO SELL VS REDUCE AT INVESTEC
*SWISS LIFE CUT TO HOLD VS BUY AT KEPLER CHEUVREUX
*YAPI KREDI CUT TO SELL VS HOLD AT SOCGEN

>>> PT Change


>>> Initiation
*ALLEGHENY TECHNOLOGIES RATED NEW HOLD AT BERENBERG; PT $13.9
*NORSK HYDRO RATED NEW SELL AT BERENBERG; PT NOK29.10
*UNITED CO RUSAL RATED NEW HOLD AT BERENBERG; PT HKD 2.90

>>> Call
>> Stock
*THOMAS COOK CUT TO ADD VS BUY AT ALPHAVALUE