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

>>> Up
*DIRECT LINE RAISED TO NEUTRAL VS UNDERPERFORM AT MACQUARIE
*K+S RAISED TO BUY VS HOLD AT BANKHAUS LAMPE
*KUKA RAISED TO OUTPERFORM VS NEUTRAL AT MACQUARIE
*LUNDIN PETROLEUM RAISED TO BUY VS NEUTRAL AT GOLDMAN
*RSA INSURANCE RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*SWISS RE RAISED TO OVERWEIGHT AT JPMORGAN

>>> Down
*AIR FRANCE-KLM CUT TO HOLD FROM BUY AT GOODBODY; PT EU7.90
*DET NORSKE CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*DUERR CUT TO NEUTRAL VS OUTPERFORM AT MACQUARIE
*GENEL ENERGY CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*HANNOVER RUECK SE CUT TO NEUTRAL AT JPMORGAN
*LUNDIN PETROLEUM CUT TO UNDERPERFORM AT CREDIT SUISSE
*RELX CUT TO NEUTRAL VS BUY AT GOLDMAN
*REXEL CUT TO HOLD VS BUY AT KEPLER CHEUVREUX
*RBS CUT TO NEUTRAL VS BUY AT UBS
*SANOFI CUT TO HOLD VS BUY AT HSBC
*TENARIS CUT TO REDUCE VS HOLD AT KEPLER CHEUVREUX
*TULLOW OIL CUT TO NEUTRAL VS OUTPERFORM AT MACQUARIE
*UNITED TECHNOLOGIES CUT TO SECTOR PERFORM AT RBC CAPITAL

>>> PT Change


>>> Initiation
*AURUBIS RATED NEW OUTPERFORM AT CREDIT SUISSE; PT EU60
*BRENNTAG REINSTATED AT BUY AT BOFAML; PT EU63
*CAIRN ENERGY RATED NEW NEUTRAL AT GOLDMAN
*DNO ASA RATED NEW SELL AT GOLDMAN
*SENVION RATED NEW BUY AT BERENBERG; PT EU20
*SENVION RATED NEW BUY AT BOFAML; PT EU22
*SENVION RATED NEW OVERWEIGHT AT BARCLAYS, PT EU25
*SENVION RATED NEW EQUAL WEIGHT AT MORGAN STANLEY, PT EU17.30

>>> Call