>>> European Brokers Upgrades & Downgrades - 23rd of April 2015

>>> Up
*ACCIONA RAISED TO NEUTRAL VS SELL AT CITI
*BUZZI UNICEM RAISED TO OVERWEIGHT AT JPMORGAN
*IPSEN RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*KMG EP RAISED TO BUY VS NEUTRAL AT GOLDMAN
*NOKIA RAISED TO BUY VS REDUCE AT ODDO
*PREMIER FARNELL RAISED TO OUTPERFORM FROM NEUTRAL AT CREDIT SUISSE
*TIETO RAISED TO BUY AT NORDEA
*VOLVO RAISED TO BUY AT JEFFERIES

>>> Down
*FERRAGAMO CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*HIAG IMMOBILIEN CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*PGNIG CUT TO NEUTRAL AT GOLDMAN
*TELE2 CUT TO SELL VS HOLD AT BERENBERG
*VIENNA INSURANCE CUT TO UNDERPERFORM AT KBW, PT EU31.70

>>> PT Change


>>> Initiation
*JUNGHEINRICH REINITIATED BUY AT BERENBERG, PT EU72.10
*KION GROUP REINITIATED BUY AT BERENBERG, PT EU49

>>> Call
>> Stock
*FRESENIUS MEDICAL CARE REMOVED FROM ALPHA LIST AT BERENBERG
*KMG EP ADDED, NOVATEK REMOVED FROM GOLDMAN CEEMEA FOCUS LIST
>> Sector
*INTERNATIONAL PERSONAL FINANCE RAISED TO SECTOR PERFORM AT RBC