>>> Up
*BANCO POPULAR RAISED TO BUY VS HOLD AT SOCGEN
*BPOST RAISED TO BUY FROM ACCUMULATE AT KBC
*CAIXABANK RAISED TO BUY VS NEUTRAL AT NATIXIS
*CERMAQ RAISED TO BUY VS HOLD AT DNB
*DAILY MAIL RAISED TO BUY VS SELL AT GOLDMAN
*GFK RAISED TO BUY VS HOLD AT SOCGEN
*NOBEL BIOCARE RAISED TO BUY VS HOLD AT BERENBERG
*REGUS RAISED TO BUY FROM HOLD AT PEEL HUNT
*SCOR RAISED TO BUY VS NEUTRAL AT GOLDMAN
*SES RAISED TO BUY VS NEUTRAL AT NOMURA
*SOLOCAL RAISED TO BUY VS HOLD AT SOCGEN
*TELIASONERA RAISED TO HOLD VS UNDERPERFORM AT JEFFERIES
*UMICORE RAISED TO BUY FROM HOLD AT ING
*WINCOR NIXDORF RAISED TO BUY VS HOLD AT BANKHAUS LAMPE
>>> Down
*ALLIANZ CUT TO UNDERPERFORM VS NEUTRAL AT MEDIOBANCA
*AXA CUT TO UNDERPERFORM VS NEUTRAL AT MEDIOBANCA
*CAIRN ENERGY CUT TO NEUTRAL VS BUY AT BOFAML
*CASINO CUT TO UNDERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*CLIENTELE CUT TO UNDERWEIGHT AT ABSA CAPITAL/BARCLAYS
*COLRUYT CUT TO NEUTRAL VS BUY AT CITI
*DUFRY CUT TO SELL VS NEUTRAL AT CITI
*FRED OLSEN ENERGY CUT TO SELL VS HOLD AT DNB
*GAM HOLDING CUT TO SECTOR PERFORM VS OUTPERFORM AT RBC
*GENERALI CUT TO UNDERPERFORM VS NEUTRAL AT MEDIOBANCA
*INFORMA CUT TO SELL VS NEUTRAL AT GOLDMAN
*LAND SECURITIES CUT TO NEUTRAL AT BOFAML
*PEGASUS CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY
*PREMIER FARNELL CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*RTL CUT TO NEUTRAL VS BUY AT GOLDMAN
*ROTORK CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*SHELL CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*TEKFEN HOLDING CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*WOLFSON MICROELECTRONICS CUT FROM OVERWEIGHT AT MORGAN STANLEY
*WORLD DUTY FREE CUT TO NEUTRAL VS BUY AT CITI
>>> PT Change
*Vivendi PT Raised to EU21.8 vs EU20.6 at Raymond James
>>> Initiation
*BSKYB RATED NEW BUY AT SOCGEN, PT 1,045P
*INFORMA RATED NEW HOLD AT SOCGEN, PT 540P
*ITV RATED NEW HOLD AT SOCGEN, PT 220P
*UBM RATED NEW BUY AT SOCGEN, PT 870P
>>> Call
>> Stock
Azimut Kept as Preferred Italy Asset Manager at Goldman
*ROCHE REMOVED FROM EUROPE FOCUS LIST AT CREDIT SUISSE
*RIO TINTO ADDED TO EUROPE FOCUS LIST AT CREDIT SUISSE
*ROTORK REMOVED FROM SMALL & MID CAP FOCUS LIST AT CREDIT SUISSE
>> Sector
*EUROPEAN INSURANCE CUT TO UNDERWEIGHT VS NEUTRAL AT MEDIOBANCA