>>> European Brokers Upgrades & Downgrades - 1st of May 2015

>>> Up
*ADMIRAL GROUP RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*ESURE RAISED TO OVERWEIGHT VS UNDERWEIGHT AT BARCLAYS

>>> Down
*BARCLAYS CUT TO SELL VS HOLD AT BERENBERG
*ADMIRAL GROUP RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*TOTAL CUT TO MARKETPERFORM VS OUTPERFORM AT BERNSTEIN

>>> PT Change


>>> Initiation
*AUTO TRADER RATED NEW BUY AT GOLDMAN, PT 320P
*HAVAS RATED NEW CONVICTION BUY AT GOLDMAN

>>> Call
>> Stock
*NOVOZYMES ADDED TO GOLDMAN CONVICTION BUY LIST
*WOLTERS KLUWER EXITS GOLDMAN CONVICTION BUY LIST, STAYS BUY
*WPP REMOVED FROM GOLDMAN CONVICTION BUY LIST, STAYS BUY