>>> Europe : Brokers Upgrades & Downgrades - 8th of September 2015

>>> Up
*ALSTOM RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS {NSN NUCG816JIJUU<Go>}
*BP RAISED TO BUY VS NEUTRAL AT UBS
*BG GROUP RAISED TO BUY VS NEUTRAL AT NOMURA
*GLENCORE RAISED TO NEUTRAL AT JPMORGAN
*INTESA SANPAOLO RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*MOL RAISED TO NEUTRAL VS REDUCE AT NOMURA
*NESTE RAISED TO BUY VS NEUTRAL AT UBS
*PKN ORLEN RAISED TO NEUTRAL VS SELL AT UBS
*REESINK RAISED TO BUY VS ACCUMULATE AT SNS
*RWE RAISED TO HOLD AT KEPLER CHEUVREUX
*SAIPEM RAISED TO NEUTRAL VS REDUCE AT NOMURA
*SERCO GROUP RAISED TO BUY VS HOLD AT JEFFERIES
*SSAB RAISED TO NEUTRAL VS SELL AT UBS
*SUEZ ENVIRONNEMENT RAISED TO OVERWEIGHT AT MORGAN STANLEY
*SWEDBANK RAISED TO BUY VS NEUTRAL AT UBS
*TENARIS RAISED TO OUTPERFORM AT BERNSTEIN {NSN NUBTG06JIJUP<Go>}
*UCB RAISED TO ’HOLD’ AT JEFFERIES
*UNITED UTILITIES RAISED TO BUY VS HOLD AT SOCGEN

>>> Down
*HOME RETAIL CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY
*NORILSK NICKEL CUT TO NEUTRAL VS BUY AT BOFA
*OUTOKUMPU CUT TO NEUTRAL VS BUY AT BOFA
*PETRA DIAMONDS CUT TO NEUTRAL AT BOFA
*PREMIER OIL CUT TO SELL VS NEUTRAL AT UBS
*TECHNIP CUT TO REDUCE VS NEUTRAL AT NOMURA

>>> PT Change
*ABERDEEN PT CUT AT RBC

>>> Initiation
*ADO PROPERTIES RATED NEW OVERWEIGHT AT BARCLAYS, PT EU24
*AMS AG RATED NEW OVERWEIGHT AT BARCLAYS, PT CHF55

>>> Call
>> Stock
*RWE REMOVED FROM KEPLER CHEUVREUX LEAST PREFERRED STOCKS LIST