>>> Europe : Brokers Upgrades & Downgrades - 9th of November 2015

>>> Up
*COFACE RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN

>>> Down
*ATLAS COPCO CUT TO UNDERPERFORM VS SECTOR PERFORM AT RBC
*CENTRICA CUT TO HOLD VS BUY AT HSBC
*DSM CUT TO HOLD VS BUY AT LIBERUM {NSN NXJCNI6S972C<Go>}
*FERROVIAL CUT TO SECTOR PERFORM VS OUTPERFORM AT RBC
*FRESENIUS MEDICAL CARE CUT TO UNDERWEIGHT AT BARCLAYS
*RHEINMETALL CUT TO HOLD VS BUY AT HSBC
*SAMPO OYJ CUT TO NEUTRAL VS BUY AT CITI
*SANOFI CUT TO MARKET PERFORM VS OUTPERFORM AT BERNSTEIN
*SPIRENT COMMUNICATIONS CUT TO NEUTRAL VS BUY AT CITI
*STANCHART CUT TO HOLD AT MAYBANK KIM ENG
*SWISS RE CUT TO NEUTRAL VS BUY AT GOLDMAN {NSN NXJCL86K50XZ<Go>}
*TALKTALK CUT TO HOLD VS BUY AT HSBC
*TELEFONICA DEUTSCHLAND CUT TO EQUALWEIGHT AT BARCLAYS

>>> PT Change


>>> Initiation
*BERKELEY ENERGY RATED NEW BUY AT GMP SECURITIES, PT 70P
*OSRAM LICHT RESUMED HOLD AT HSBC, PT EU56; WAS RESTRICTED
*ROS AGRO RATED NEW OVERWEIGHT AT JPMORGAN, PT $14.5

>>> Call