>>> Up
*AIR FRANCE RAISED TO BUY VS HOLD AT SOCGEN
*KPN RAISED TO BUY VS NEUTRAL AT CITI
*SNAM RAISED TO BUY VS NEUTRAL AT CITI
*SHAFTESBURY RAISED TO BUY VS NEUTRAL AT GOLDMAN
*TERNA RAISED TO BUY VS SELL AT CITI
*UNITED UTILITIES RAISED TO NEUTRAL VS UNDERWEIGHT AT HSBC
*VEDANTA RAISED TO EQUALWEIGHT VS UNDERWEIGHT: MORGAN STANLEY
>>> Down
*AKZO NOBEL CUT TO HOLD VS BUY AT ING
*BANCA POPOLARE DI MILANO CUT TO HOLD VS BUY AT SOCGEN
*ENAGAS CUT TO NEUTRAL VS BUY AT CITI
*ESURE CUT TO HOLD VS BUY AT BERENBERG
*FAGRON CUT TO HOLD AT JEFFERIES
*LENTA CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*NORMA GROUP CUT TO NEUTRAL FROM OUTPERFORM AT EXANE
*SCHRODERS CUT TO UNDERWEIGHT VS OVERWEIGHT AT HSBC
*UMICORE CUT TO REDUCE VS HOLD AT KEPLER CHEUVREUX
*WARTSILA CUT TO UNDERPERFORM AT CREDIT SUISSE
>>> PT Change
>>> Initiation
*PARTNERS GROUP RATED NEW OVERWEIGHT AT JPMORGAN, PT CHF320
>>> Call
>> Stock
*CREST NICHOLSON EXITS GOLDMAN CONVICTION BUY LIST, STAYS BUY
*ROYAL MAIL REMOVED FROM JPMORGAN EUROPEAN ANALYST FOCUS LIST