>>> Up
*AFREN RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*AVEVA RAISED TO BUY VS NEUTRAL AT UBS
*ENAGAS RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*ING RAISED TO BUY VS REDUCE AT KEPLER CHEUVREUX
*NATIONAL EXPRESS RAISED TO BUY VS NEUTRAL AT GOLDMAN
*REN RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*STAGECOACH GROUP RAISED TO NEUTRAL VS SELL AT GOLDMAN
>>> Down
*ADMIRAL CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*BALOISE CUT TO HOLD VS BUY AT BERENBERG
*PGS CUT TO UNDERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*PKN ORLEN CUT TO NEUTRAL VS BUY AT BOFAML
*RED ELECTRICA CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*SAFILO CUT TO UNDERPERFORM VS NEUTRAL AT BOFAML
*SAFILO CUT TO REDUCE VS HOLD AT KEPLER CHEUVREUX
*SAP CUT TO UNDERPERFORM FROM NEUTRAL AT EXANE
*SISTEMA CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*SWISS LIFE CUT TO HOLD VS BUY AT BERENBERG
*TDC CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
>>> PT Changes
>>> Initiation
*ALROSA REINITIATED AT SELL AT RENAISSANCE CAPITAL; PT RUB35
*BBVA RATED NEW OUTPERFORM AT BERNSTEIN, PT EU10.7
*BNP PARIBAS RATED NEW OUTPERFORM AT BERNSTEIN, PT EU62.2
*CREDIT AGRICOLE RATED NEW MARKETPERFORM AT BERNSTEIN, PT EU10.9
*DIRECT LINE RATED NEW EQUALWEIGHT AT BARCLAYS, PT 296P
*ESURE RATED NEW UNDERWEIGHT AT BARCLAYS, PT 235P
*INTESA SANPAOLO RATED NEW OUTPERFORM AT BERNSTEIN, PT EU2.9
*JUST EAT RATED NEW BUY AT JEFFERIES; PT 450P
*SANTANDER RATED NEW MARKET PERFORM AT BERNSTEIN, PT EU7.6
*SOCGEN RATED NEW OUTPERFORM AT BERNSTEIN, PT EU45.7
*UNICREDIT RATED NEW OUTPERFORM AT BERNSTEIN, PT EU7.4
*URALKALI REINITIATED AT HOLD AT RENAISSANCE; PT $21/GDR
>>> Call
>> Stock
*GO‐AHEAD GROUP ADDED TO CONVICTION BUY LIST AT GOLDMAN
*CELEBI HAVA SERVISI EXITS GOLDMAN CEEMEA FOCUS LIST, STAYS BUY