>>> Europe : Brokers Upgrades & DOwngrades - 6th of December 2016

>>> Up
*EFG International Raised to Buy at Citi, PT CHF6.40
*Enav Raised to Overweight at Barclays, PT EU3.90
*Engie Raised to Buy at HSBC, PT EU13.60
*Gas Natural Raised to Hold at Investec, PT EU16
*HSBC Raised to Equal-Weight at Morgan Stanley, PT 645p
*Infineon Raised to Buy at Citi
*OneSavings Bank Raised to Outperform at RBC, PT 355p
*Redrow Raised to Buy at Canaccord, PT 480p
*Rexel Raised to Buy at Citi
*SocGen Raised to Overweight at Morgan Stanley, PT EU49.20
*UBS Raised to Overweight at Morgan Stanley, PT CHF20

>>> Down
*Berendsen Cut to Sell at Stifel, PT 710p
*Coca-Cola European Cut to Hold at Stifel, PT EU32
*Electrolux Cut to Neutral at Citi
*Legal & General Cut to Underperform at Macquarie
*Mitchells & Butlers Cut to Equal-Weight at Morgan Stanley
*Total Cut to Hold at Deutsche Bank
*Tullow Cut to Sell at Goldman

>>> PT Change


>>> Initiation
*Altice Rated New Buy at Oddo & Cie, PT EU23.50
*Bacanora Minerals Rated New Buy at Liberum, PT 120p
*ConvaTec Group Rated New Neutral at Credit Suisse, PT 250p
*ConvaTec Group Rated New Sector Perform at RBC, PT 242p
*ConvaTec Group Rated New Equal-Weight at Morgan Stanley
*ConvaTec Group Rated New Buy at Goldman, PT 270p
*ConvaTec Group Rated New Overweight at JPMorgan, PT 271p
*ConvaTec Group Rated New Buy at BofAML, PT 280p
*ConvaTec Group Rated New Buy at Peel Hunt, PT 300p
*Merlin Rated New Buy at Peel Hunt, PT 510p
*Natixis Rated New Neutral at UBS, PT EU4.40
*ConvaTec Group Rated New Buy at UBS, PT 300p
*Yoox Net-a-Porter Rated New Outperform at Macquarie, PT EU33.50

>>> Call
>> Stock
**INFINEON ADDED TO CITI FOCUS LIST, EXPERIAN REMOVED
*MERCK KGAA EXITS ALPHA LIST AT BANKHAUS LAMPE