>>> Up
*ARCELORMITTAL RAISED TO OUTPERFORM VS NEUTRAL: CREDIT SUISSE
*BANKINTER RAISED TO BUY VS NEUTRAL AT GOLDMAN
*BREWIN DOLPHIN RAISED TO BUY VS HOLD AT NUMIS
*DNO ASA RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*FAROE PETROLEUM RAISED TO EQUALWEIGHT AT MORGAN STANLEY
*KLOECKNER RAISED TO BUY FROM HOLD AT BANKHAUS LAMPE
*LUNDIN PETROLEUM RAISED TO OVERWEIGHT AT MORGAN STANLEY
*MORRISON RAISED TO BUY VS NEUTRAL AT CITI
*OPAP RAISED TO NEUTRAL VS SELL AT CITI
*PERNOD RICARD RAISED TO OUTPERFORM AT BERNSTEIN
>>> Down
*BANK OF IRELAND CUT TO NEUTRAL VS BUY AT UBS
*DET NORSKE OLJESELSKAP CUT TO UNDERWEIGHT AT MORGAN STANLEY
*ELECTROLUX CUT TO NEUTRAL VS BUY AT UBS
*MUNICH RE CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*SALAMANDER ENERGY CUT FROM OVERWEIGHT AT MORGAN STANLEY
*SNAM CUT TO SELL VS NEUTRAL AT GOLDMAN
*SWISS RE CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
>>> PT Changes
>>> Initiations
*KPN REINSTATED NEUTRAL AT GOLDMAN, PT EU3
*TELEFONICA DEUTSCHLAND REINSTATED BUY AT GOLDMAN, PT EU7.5
>>> Call
>> stock
*ELECTROLUX REMOVED FROM UBS EUROPEAN KEY CALL LIST
*IAG ADDED TO MOST PREFERRED EUROPEAN TRANSPORT SHRS AT UBS
*LUFTHANSA ADDED TO LEAST PREFERRED EUROPEAN AIRLINES AT UBS