>>> European Brokers Upgrades & Downgrades - 27th of April 2015

>>> Up
*BASHNEFT RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*DASSAULT SYSTEMES RAISED TO HOLD VS UNDERWEIGHT AT HSBC
*GAZPROM RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*PALFINGER RAISED TO BUY VS HOLD AT DEUTSCHE BANK
*SPORTS DIRECT RAISED TO SECTOR PERFORM VS UNDERPERFORM AT RBC
*SUPERGROUP RAISED TO OUTPERFORM VS SECTOR PERFORM AT RBC
*VOLKSWAGEN RAISED FROM NEUTRAL TO BUY AT EVERVORE ISI, PT€300


>>> Down
*ALLIANZ CUT TO UNDERPERFORM VS HOLD AT JEFFERIES
*ALTEN CUT TO HOLD VS BUY AT SOCGEN
*CAP GEMINI CUT TO HOLD VS BUY AT SOCGEN
*GAZPROM NEFT CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*MAIL.RU CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*MUNICH RE CUT TO UNDERPERFORM VS HOLD AT JEFFERIES
*NOVATEK CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*PIRELLI CUT TO HOLD VS BUY AT SOCGEN
*SEADRILL CUT TO SELL VS NEUTRAL AT CITI
*SURGUTNEFTEGAS CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*TATE & LYLE CUT TO NEUTRAL VS BUY AT UBS


>>> PT Change


>>> Initiation
*ALTICE RATED NEW EQUALWEIGHT AT BARCLAYS, PT EU90

>>> Call