>>> Up
*ARSEUS RAISED TO BUY FROM HOLD AT ING
*BOUYGUES RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*CAP GEMINI RAISED TO BUY VS NEUTRAL AT CITI
*DIXONS RETAIL RAISED TO BUY VS NEUTRAL AT BOFAML
*EMLAK KONUT RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*GDF SUEZ RAISED TO BUY VS NEUTRAL AT UBS
*IBERDROLA RAISED TO BUY VS NEUTRAL AT UBS
*NOVARTIS RAISED TO BUY FROM HOLD AT JEFFERIES
*ORANGE RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
*OUTOKUMPU RAISED TO CONVICTION BUY VS NEUTRAL AT GOLDMAN
*RESOLUTION RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE
*SAFILO RAISED TO OUTPERFORM VS NEUTRAL AT MEDIOBANCA
*SONGBIRD ESTATE RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*TALKTALK RAISED TO HOLD VS SELL AT BERENBERG
*TAYLOR WIMPEY RAISED TO BUY AT CITI ON VALUATION
*REDROW RAISED TO BUY AT CITI ON VALUATION
*WACKER CHEMIE RAISED TO HOLD VS SELL AT BANKHAUS LAMPE
>>> Down
*BNP PARIBAS CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*BRITVIC CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*CONWERT AG CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*GALENICA CUT TO UNDERPERFORM FROM HOLD AT JEFFERIES
*GO AHEAD CUT TO NEUTRAL VS BUY AT CITI
*MERCK KGAA CUT TO NEUTRAL VS BUY AT UBS
*MORRISON CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*MR PRICE CUT TO NEUTRAL VS BUY AT BOFAML
*PSP SWISS PROPERTY CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*SANTAM CUT TO NEUTRAL VS BUY AT UBS
*SHOPRITE CUT TO NEUTRAL VS BUY AT BOFAML
*TEMENOS CUT TO NEUTRAL VS BUY AT UBS
>>> PT Changes
*ARSEUS PT RAISED TO EU47 FROM EU36 AT ING
*ENEL PT RAISED TO EU4.9 VS EU4.25 AT UBS; KEPT AT BUY
*Enel Green Power PT Raised 9% to EU2.4 at Barclays
*MEDIASET PT CUT TO EU4.3 VS EU4.5 AT UBS; KEPT AT BUY
*Recordati PT Raised to EU13 vs EU11.6 at BofAML
*TESSENDERLO PT RAISED TO EU21 FROM EU20 AT ING
>>> Initiation
*GRAND CITY PROPERTIES RATED NEW OVERWEIGHT AT JPMORGAN, SET AT EU9.75 AT JPMORGAN
>>> Call
>> Stock
*APERAM REMOVED FROM CONVICTION BUY LIST AT GOLDMAN; STILL BUY