>>> Up
*BANCO POPOLARE RAISED TO BUY VS REDUCE AT NOMURA
*BANCO ESPIRITO SANTO RAISED TO BUY VS REDUCE AT NOMURA
*BIC RAISED TO BUY VS HOLD AT SOCGEN
*Banco Popolare Raised to Buy at Nomura on Valuation Grounds
*CAIXABANK RAISED TO BUY VS NEUTRAL AT NOMURA
*STANDARD CHARTERED RAISED TO BUY VS SELL AT BANKHAUS LAMPE
*HEIDELBERGER DUCK RAISED TO BUY FROM HOLD AT BANKHAUS LAMPE
*IMERYS RAISED TO NEUTRAL VS UNDERWEIGHT AT HSBC
*NORECO RAISED TO BUY AT SEB
*ROTORK RAISED TO NEUTRAL VS UNDERWEIGHT AT HSBC
>>> Down
*BPI CUT TO NEUTRAL VS BUY AT NOMURA
*BOLIDEN CUT TO UNDERWEIGHT VS NEUTRAL AT HSBC
*KERING CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*PUMA CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*TELENOR CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
>>> PT Change
ING PT Raised to EU11.4 vs EU10.7 at Mediobanca
*Telecom Italia PT Raised 12% to EU0.95 at Exane
>>> Initiation
*KUONI RATED NEW NEUTRAL AT CREDIT SUISSE, PT SFR435
*Saipem Resumed at Equalweight at Morgan Stanley; PT EU18
*TALKTALK RATED NEW OVERWEIGHT AT HSBC
*VALORA RATED NEW NEUTRAL AT CREDIT SUISSE, PT SFR252
>>> Call