>>> Europe : Brokers Upgrades & DOwngrades - 4th of February 2016

>>> Up
*ADIDAS RAISED TO BUY VS NEUTRAL AT GOLDMAN, PT EU114
*HANNOVER RE RAISED TO BUY VS HOLD AT HSBC
*INFINEON RATED BUY VS UNDER REVIEW AT BERENBERG; PT EU15
*K+S RAISED TO HOLD VS SELL AT LIBERUM
*NORDAX GROUP AB RAISED TO BUY AT NORDEA
*SNAM RATED NEW BUY AT JEFFERIES

>>> Down
*ANGLO AMERICAN PLATINUM CUT TO NEUTRAL AT JPMORGAN
*AXEL SPRINGER CUT TO HOLD VS BUY AT HSBC
*GAS NATURAL CUT TO NEUTRAL VS OUTPERFORM AT MEDIOBANCA
*GENERALI CUT TO SELL VS NEUTRAL AT CITI
*KESKO CUT TO SELL AT NORDEA
*MAGNIT CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*STMICRO RATED SELL VS UNDER REVIEW AT BERENBERG; PT EU4.50
*SWATCH CUT TO HOLD VS BUY AT EVERCORE; PT CHF325

>>> PT Change


>>> Initiation
*INFINEON RATED BUY VS UNDER REVIEW AT BERENBERG; PT EU15
*LEGAL & GENERAL RATED NEW UNDERPERFORM AT MACQUARIE; PT 189P
*STMICRO RATED SELL VS UNDER REVIEW AT BERENBERG; PT EU4.50

>>> Call