>>> Up
*AIXTRON RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*ALTAREA COGEDIM RAISED TO BUY VS HOLD AT SOCGEN
*BALFOUR BEATTY RAISED TO BUY VS HOLD AT DEUTSCHE BANK
*BRITISH LAND RAISED TO BUY VS HOLD AT SOCGEN
*EUROCOMMERCIAL PROPERTIES RAISED TO BUY VS HOLD AT SOCGEN
*FONCIERE LYONNAISE RAISED TO BUY VS HOLD AT SOCGEN
*GECINA RAISED TO BUY VS HOLD AT SOCGEN
*GREAT PORTLAND ESTATES RAISED TO HOLD VS SELL AT SOCGEN
*ICADE RAISED TO BUY VS HOLD AT SOCGEN
*IGD RAISED TO BUY VS HOLD AT SOCGEN
*IMMOFINANZ RAISED TO BUY VS HOLD AT SOCGEN
*KERING RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*KLEPIERRE RAISED TO BUY VS HOLD AT SOCGEN
*MIGROS RAISED TO OVERWEIGHT VS UNDERWEIGHT AT BARCLAYS
*PHILIPS RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*TELEFONICA DEUTSCHLAND RAISED TO BUY VS NEUTRAL AT CITI
>>> Down
*AIR FRANCE-KLM CUT TO UNDERPERFORM VS HOLD AT JEFFERIES
*ANADOLU EFES CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*BANKINTER CUT TO UNDERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*BIM BIRLESIK CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*CAIRN ENERGY CUT TO HOLD VS BUY AT LIBERUM
*HENNES & MAURITZ CUT TO HOLD VS BUY AT SOCGEN
*INTU PROPERTIES CUT TO SELL VS HOLD AT SOCGEN
*ODFJELL DRILLING CUT TO SELL VS NEUTRAL AT GOLDMAN
*SEADRILL CUT TO SELL VS NEUTRAL AT GOLDMAN
*TDC CUT TO NEUTRAL VS BUY AT NOMURA
*VALLOUREC RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
>>> PT Changes
*NYRSTAR PT CUT TO EU2.55 FROM EU3 AT ING
>>> Initiation
*BUWOG INITIATED BUY AT BERENBERG, PT EU17.50
*COMDIRECT RATED NEW BUY AT BANKHAUS LAMPE; PT EU9
*ULKER RATED NEW OVERWEIGHT AT BARCLAYS
>>> Call
>> Sector
*UK REAL ESTATE CUT TO UNDERWEIGHT VS BENCHMARK: CREDIT SUISSE
*EUROPEAN UTILITIES RAISED TO BENCHMARK AT CREDIT SUISSE