>>> Up
*CARILLION RAISED TO BUY VS HOLD AT CANTOR
*CASINO RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*DNB RAISED TO BUY VS NEUTRAL AT CITI
*INTESA RAISED TO CONVICTION BUY VS NEUTRAL AT GOLDMAN
*ISBANK RAISED TO HOLD VS SELL AT SOCGEN
*KINGFISHER RAISED TO BUY VS NEUTRAL AT UBS
*LEG IMMOBILIEN RAISED TO OVERWEIGHT AT MORGAN STANLEY
*LUFTHANSA CUT TO HOLD VS BUY AT LIBERUM
*NORILSK RAISED TO BUY VS HOLD AT SOCGEN
*PORSCHE RAISED TO OUTPERFORM VS MARKET PERFORM AT BERNSTEIN
*RALLYE RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*RATOS RAISED TO BUY VS SELL AT UBS*RSA RAISED TO OUTPERFORM VS MARKET PERFORM AT RAYMOND JAMES
*RYANAIR RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*SEADRILL RAISED TO HOLD VS SELL AT SOCGEN
*SPIRENT RAISED TO BUY VS ADD AT NUMIS
*VOLKSWAGEN RAISED TO OUTPERFORM VS MARKET PERFORM AT BERNSTEIN
*YAPIKREDI BANK RAISED TO BUY VS HOLD AT SOCGEN
>>> Down
*AGEAS CUT TO NEUTRAL VS OUTPERFORM AT MEDIOBANCA
*ANTOFAGASTA CUT TO SELL VS NEUTRAL AT UBS
*ARSEUS CUT TO 'HOLD' FROM 'BUY' AT ING
*BMW CUT TO MARKET PERFORM VS OUTPERFORM AT BERNSTEIN
*BT CUT TO MARKET PERFORM VS OUTPERFORM AT BERNSTEIN
*CREDIT SUISSE CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*DEUTSCHE WOHNEN CUT TO EQUALWEIGHT AT MORGAN STANLEY
*HALKBANK CUT TO HOLD VS BUY AT SOCGEN
*IMERYS CUT TO UNDERWEIGHT AT HSBC
*INVESTEC CUT TO NEUTRAL VS BUY AT UBS
*JARIR CUT TO NEUTRAL AT BOFAML
*POP. MILANO CUT TO NEUTRAL VS CONVICTION BUY AT GOLDMAN
*REED ELSEVIER CUT TO UNDERPERFORM VS NEUTRAL AT EXANE
*UNICREDIT CUT TO NEUTRAL VS BUY AT GOLDMAN
>>> PT Change
*Air France-KLM PT Raised to EU14 vs EU10.5 at Raymond James
*PANALPINA PT RAISED TO CHF115 VS CHF100 AT CANTOR; KEPT AT SELL
*Wolseley PT Raised to 3,200p vs 2,900p at Raymond James
>>> Initiation
>>> Call
>> Stock
*FERREXPO REMOVED FROM UBS’S MOST PREFERRED LIST
*INTESA RAISED TO CONVICTION BUY VS NEUTRAL AT GOLDMAN
>> Country
*DUTCH EQUITIES CUT NEUTRAL FROM OVERWEIGHT AT HSBC
*FRENCH EQUITIES RAISED TO OVERWEIGHT FROM NEUTRAL AT HSBC
*RUSSIAN EQUITIES CUT TO UNDERWEIGHT FROM NEUTRAL AT HSBC
*SOUTH AFRICAN EQUITIES RAISED TO NEUTRAL VS UNDERWEIGHT AT HSBC
*SWEDISH EQUITIES CUT TO UNDERWEIGHT FROM OVERWEIGHT AT HSBC
*SWISS EQUITIES RAISED TO OVERWEIGHT FROM UNDERWEIGHT AT HSBC