>>> Up
*AKZO NOBEL RAISED TO BUY VS NEUTRAL AT CITI
*AKZO NOBEL RAISED TO BUY VS NEUTRAL AT CITI
*BUZZI UNICEM RAISED TO OUTPERFORM VS NEUTRAL AT MEDIOBANCA
*PANALPINA WELTTRANSPORT RAISED TO NEUTRAL AT BOFAML
*PGE RAISED TO BUY VS HOLD AT ING
*SPAR RAISED FROM UNDERWEIGHT AT BARCLAYS
*STATOIL RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*SKANSKA RAISED TO HOLD VS SELL AT BERENBERG
*TAURON RAISED TO HOLD VS SELL AT ING
>>> Down
*ARCELORMITTAL CUT TO NEUTRAL VS BUY AT BOFAML
*DSV CUT TO UNDERPERFORM VS NEUTRAL AT BOFAML
*PREMIER OIL CUT TO NEUTRAL VS BUY AT UBS
*REDROW CUT TO NEUTRAL VS BUY AT GOLDMAN
*SAFT CUT TO HOLD VS BUY AT SOCGEN
*SBM OFFSHORE CUT TO HOLD VS BUY AT SOCGEN
*STORA ENSO CUT TO NEUTRAL VS BUY AT GOLDMAN
*SURGUTNEFTEGAS CUT TO NEUTRAL VS BUY AT GOLDMAN
*UPM-KYMMENE CUT TO NEUTRAL VS BUY AT GOLDMAN
>>> PT Change
*Piaggio PT Raised 5% to EU2.1 at BofAML; Kept at Underperform
*Saipem PT Raised to EU18.1 vs EU14.2 at Berenberg; Kept at Hold
>>> Initiation
*VODAFONE RATED BUY AT GOLDMAN, PT 275P; WAS NOT RATED
>>> Call