>>> Up
*BIG YELLOW RAISED TO OVERWEIGHT AT MORGAN STANLEY
*BOUYGUES RAISED TO OUTPERFORM VS NEUTRAL AT EXANE
*BUZZI UNICEM RAISED TO BUY VS NEUTRAL AT UBS
*EUROTUNNEL RAISED TO BUY VS NEUTRAL AT GOLDMAN
*GTECH RAISED TO BUY VS NEUTRAL AT BOFAML
*HIKMA PHARMACEUTICALS RAISED TO BUY VS NEUTRAL AT UBS
*HOCHTIEF RAISED TO BUY VS HOLD AT BERENBERG
*IMPERIAL TOBACCO RAISED TO BUY VS NEUTRAL AT BOFAML
*JCDECAUX RAISED TO NEUTRAL VS SELL AT GOLDMAN
*MONCLER RAISED TO BUY VS NEUTRAL AT NOMURA
*PHOENIX GROUP HOLDINGS RAISED TO BUY VS HOLD AT BERENBERG
*PROSIEBENSAT.1 MEDIA RAISED TO HOLD VS SELL AT BERENBERG
*SODEXO RAISED TO OUTPERFORM AT RBC CAPITAL
*STROEER RAISED TO BUY VS NEUTRAL AT GOLDMAN
*TELKOM SA RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
>>> Down
*ASHMORE CUT TO NEUTRAL VS BUY AT GOLDMAN
*DIAGEO CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*DRAX GROUP CUT TO NEUTRAL VS BUY AT CITI
*TELE2 AB CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
>>> PT Change
* De Longhi PT Raised to EU18.7 vs EU17.1 at Mediobanca
* ING PT Cut to EU11.8 vs EU13.1 at Mediobanca; Kept at Outperform
>>> Initiation
*ACS RATED NEW BUY AT BERENBERG; PT EU37
*ASML ASSUMED NEUTRAL AT PIPER JAFFRAY, PT EU59
*ATTACQ RATED NEW BUY AT DEUTSCHE BANK
*CONTINENTAL, PIRELLI RATED NEW OUTPERFORM AT CREDIT SUISSE
*MICHELIN, NOKIAN RATED NEW NEUTRAL AT CREDIT SUISSE
*NORSK HYDRO ADDED TO GOLDMAN CONVICTION BUY LIST
*ONESAVINGS BANK RATED NEW OVERWEIGHT AT BARCLAYS; PT 220P
*RIGHTMOVE RATED NEW BUY AT LIBERUM, PT 2,510P
*YOOX RATED NEW OVERWEIGHT AT JPMORGAN; PT EU25
>>> Call