>>> Europe : Brokers Upgrades & Downgrades - 4th of March 2016

>>> Up
*ALMIRALL RAISED TO BUY VS HOLD AT KEPLER CHEUVREUX
*REDEFINE INTERNATIONAL RAISED FROM UNDERWEIGHT AT JPMORGAN
*SIEMENS RAISED TO BUY VS NEUTRAL AT GOLDMAN

>>> Down
*ABB CUT TO REDUCE VS NEUTRAL AT NOMURA
*COBHAM CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*PETROFAC CUT TO NEUTRAL VS BUY AT CITI
*SCHRODERS CUT TO NEUTRAL VS BUY AT CITI
*VESUVIUS CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN

>>> PT change

>>> Initiation
*BT GROUP REINSTATED WITH BUY AT GOLDMAN, PT 640P
*SUPER GROUP RATED NEW SELL AT RENAISSANCE CAPITAL; PT ZAR38.80

>>> PT Call