>>> Europe : Brokers Upgrades & DOwngrades - 9th of July 2015

>>> Up
*ASOS RAISED TO HOLD VS SELL AT LIBERUM
*BNP PARIBAS RAISED TO HOLD VS SELL AT SOCGEN
*EURAZEO RAISED TO BUY AT HSBC
*OSRAM RAISED TO NEUTRAL VS REDUCE AT NOMURA
*SMITH & NEPHEW RAISED TO BUY VS HOLD AT BERENBERG
*WOLSELEY RAISED TO BUY AT HSBC

>>> Down
*ADIDAS CUT TO HOLD VS BUY AT BANKHAUS LAMPE
*AEROFLOT CUT TO REDUCE AT HSBC
*AIXTRON CUTS TO REDUCE FROM HOLD AT KEPLERCHEUVREUX
*DEBENHAMS CUT TO NEUTRAL VS BUY AT UBS
*JCDECAUX CUT TO NEUTRAL VS BUY AT GOLDMAN
*JCDECAUX CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*KION CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY
*LANXESS CUT TO HOLD VS BUY AT BERENBERG
*PUMA CUT TO SELL VS HOLD AT BANKHAUS LAMPE

>>> PT Change


>>> Initiation
*DARTY RATED NEW BUY AT LIBERUM, PT 100P
*MASSIMO ZANETTI RATED NEW OVERWEIGHT AT JPMORGAN, PT EU12.70
*NATIONAL GRID PLC RATED NEW BUY AT JEFFERIES

>>> Call
>> Stock
*COLOPLAST ADDED TO CONVICTION BUY LIST AT GOLDMAN
*PRUDENTIAL PLC ADDED TO CONVICTION BUY LIST AT GOLDMAN