>>> Up
*APPLUS RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*COFACE RAISED TO BUY VS HOLD AT DEUTSCHE BANK
*KERING RAISED TO NEUTRAL VS SELL AT GOLDMAN
*MARSHALLS RAISED TO BUY VS HOLD AT JEFFERIES
*OPHIR ENERGY RAISED TO BUY VS HOLD AT JEFFERIES
*SANTANDER RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*SARAS RAISED TO BUY VS HOLD AT SOCGEN
*STHREE RAISED TO BUY VS NEUTRAL AT HSBC
>>> Down
*AEGON CUT TO HOLD VS BUY AT DEUTSCHE BANK
*ALLIANZ CUT TO HOLD VS BUY AT DEUTSCHE BANK
*BANCO SABADELL CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*BAYER CUT TO NEUTRAL VS BUY AT UBS
*BOOKER CUT TO NEUTRAL VS BUY AT GOLDMAN
*GENUS CUT TO HOLD VS ADD AT NUMIS
*PIRELLI CUT TO NEUTRAL VS BUY AT UBS
*SHELL CUT TO REDUCE VS NEUTRAL AT HSBC
*WOLSELEY CUT TO NEUTRAL FROM OUTPERFORM AT DAVY
*XING CUT TO NEUTRAL VS BUY AT GOLDMAN
>>> PT Change
>>> Initiation
*CAIXABANK RATED NEW EQUALWEIGHT AT BARCLAYS, PT EU4.5
*JOHN LAING GROUP RATED NEW OVERWEIGHT AT BARCLAYS, PT 240P
*JOHN LAING GROUP RATED NEW OUTPERFORM AT RBC, PT 230P
*JOHN LAING GROUP RATED NEW BUY AT HSBC, PT 250P
*NATIONAL EXPRESS RATED NEW OVERWEIGHT AT BARCLAYS, PT 331P
*STAGECOACH RATED NEW OVERWEIGHT AT BARCLAYS, PT 412P
>>> Call
>> Stock
*AVIVA ADDED, AXA REMOVED FROM CITI FOCUS LIST EUROPE
*POLYMETAL ADDED TO GOLDMAN CONVICTION BUY, CEEMEA FOCUS LISTS
*WOLSELEY REMOVED FROM CREDIT SUISSE EUROPE FOCUS LIST
>> Sector
*EUROPE INSURANCE SECTOR CUT TO NEUTRAL-WEIGHT AT DEUTSCHE BANK