>>> European Brokers Upgrades & Downgrades - 30th of April 2015

>>> Up
*ASPEN PHARMACARE RAISED TO OVERWEIGHT AT JPMORGAN
*AURUBIS RAISED TO HOLD VS SELL AT BANKHAUS LAMPE
*BELLWAY RAISED TO BUY VS NEUTRAL AT CITI
*BKW AG RAISED TO BUY VS NEUTRAL AT UBS
*COMMERZBANK AG RAISED TO NEUTRAL VS SELL AT GOLDMAN {NSN NNLUI86S972A<Go>}
*MICHELIN RAISED TO OUTPERFORM FROM NEUTRAL AT EXANE; PT EU123
*NORDEX SE RAISED TO BUY VS NEUTRAL AT GOLDMAN
*SYMRISE RAISED TO BUY VS HOLD AT BANKHAUS LAMPE
*TELIASONERA RAISED TO HOLD VS SELL AT SOCGEN

>>> Down
*OSRAM LICHT AG CUT TO NEUTRAL VS BUY AT CITI
*SSE CUT TO UNDERPERFORM AT RBC CAPITAL
*SUEDZUCKER CUT TO HOLD VS BUY AT BANKHAUS LAMPE
*VALLOUREC CUT TO SELL VS HOLD AT SOCGEN

>>> PT Change


>>> Initiation
*AHOLD RATED NEW NEUTRAL AT UBS, PT EU19.3
*BOOKER GROUP RATED NEW SELL AT UBS, PT 140P
*CARREFOUR RATED NEW BUY AT UBS
*CASINO RATED NEW NEUTRAL AT UBS, PT EU86
*DELHAIZE RATED NEW NEUTRAL AT UBS, PT EU85
*METRO AG RATED NEW SELL AT UBS, PT EU30
*MORRISON RATED NEW SELL AT UBS
*OCADO RATED NEW BUY AT UBS
*RENEWABLE ENERGY GENERATION RATED NEW BUY AT CANTOR, PT 120P
*SAINSBURY RATED NEW BUY AT UBS
*TESCO RATED NEW BUY AT UBS
*VISCOFAN RATED NEW HOLD AT BERENBERG, PT EU60.65

>>> Call