>>> Europe : Brokers Upgrades & Downgrades - 6th of January 2016

>>> Up
*Aena upgrade to Buy from Hold at HSBC, PT €145 (Note attached)
*Amerisur Resources Raised to Overweight at Barclays
*Atlas Copco Raised to Buy at UBS, PT SEK310
*Banco BPM Raised to Buy at HSBC, PT EU3.59
*BAT Raised to Sector Perform at RBC, PT 4400p
*BNP Paribas upgaded to Buy, PT €69.10 at Kepler (Note attached)
*Continental Raised to Buy at SocGen, PT EU225
*DSM Raised to Overweight at Barclays
*Fenner Raised to Neutral at UBS, PT 250p
*Flughafen Wien upgrade to Buy from Hold at HSBC, PT 27
*Flughafen Zurich upgrade to Buy from Hold at HSBC, PT 210
*Lloyds Raised to Overweight at Barclays
*Orange Belgium Raised to Strong Buy at Raymond James, PT EU25
*Worldpay Raised to Outperform at Exane, PT 340p

>>> Down
*BRAAS Monier Building Group Cut to Hold at HSBC, PT EU25.20
*Deutsche Bank downgraded to Holdat Kepler PT €14.85
*DNO Cut to Equal-Weight at Barclays
*EnQuest Cut to Underweight at Barclays
*Luxottica Cut to Hold at SocGen
*Mediaset Cut to Neutral at Macquarie, PT EU4
*Next Cut to Add at AlphaValue
*Norwegian Air Cut to Sell at ABG Sundal, PT NOK240
*Prosafe Cut to Sell at Nordea Securities, PT NOK30
*Tod's Cut to Sell at SocGen, PT EU57
*Wirecard Cut to Neutral at Exane, PT EU48

>>> PT Change


>>> Initiation
*Banco BPM Rated New Equal-Weight at Barclays, PT EU2.80
*Halma Rated New Neutral at Goldman
*IMI Rated New Neutral at Goldman
*Rotork Rated New Buy at Goldman
*Smiths Rated New Buy at Goldman, PT 16.70p

>>> Call
>> Stock
*FIAT ADDED TO GOLDMAN SACHS PAN-EUROPE CONVICTION BUY LIST
*Julius Baer Replace NAtixis in Kepler Least Preferred Stocks