>>> European Brokers Upgrades & Downgrades 28th of April 2015

>>> Up
*ADECCO RAISED TO BUY VS NEUTRAL AT GOLDMAN
*ATRESMEDIA RAISED TO BUY VS NEUTRAL AT CITI
*CAP GEMINI CUT TO NEUTRAL VS BUY AT UBS
*CORREIOS DE PORTUGAL RAISED TO NEUTRAL VS SELL AT GOLDMAN
*DMG MORI SEIKI RAISED TO HOLD VS UNDERWEIGHT AT HSBC
*MICHAEL PAGE RAISED TO BUY VS NEUTRAL AT GOLDMAN
*NESTLE RAISED TO BUY VS NEUTRAL AT CITI
*RANDSTAD RAISED TO CONVICTION BUY VS NEUTRAL AT GOLDMAN
*RUSHYDRO RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
*SAIPEM RAISED TO HOLD VS SELL AT SOCGEN
*TERNA RAISED TO BUY VS HOLD AT BERENBERG

>>> Down
*AEFFE CUT TO NEUTRAL VS OUTPERFORM AT MEDIOBANCA
*BPOST CUT TO SELL VS BUY AT GOLDMAN
*CATTOLICA ASSICURAZIONI CUT TO NEUTRAL FROM OUTPERFORM AT MEDIOBANCA
*ERICSSON CUT TO NEUTRAL VS BUY AT GOLDMAN
*GRIFOLS A SHARES CUT TO HOLD VS BUY AT BERENBERG
*IMCD CUT TO NEUTRAL VS BUY AT GOLDMAN

>>> PT Change


>>> Initiation
*CARPETRIGHT RATED NEW BUY AT CITI, PT 600P
*LUFTHANSA RATED NEW HOLD AT SOCGEN, PT EU13.5
*REVOLUTION BARS RATED NEW BUY AT NUMIS, PT 265P

>>> Call