>>> Up
*ARYZTA RAISED TO NEUTRAL FROM SELL AT GOLDMAN
*BAYER RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*BEIERSDORF CUT TO SELL FROM NEUTRAL AT GOLDMAN
*BELGACOM RAISED TO NEUTRAL VS SELL AT CITI
*BP RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*BRITVIC RAISED TO BUY FROM NEUTRAL AT GOLDMAN; 12-MO. PT 815P
*CGG RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
*ENI CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*GENEL ENERGY RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*MOL RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*NOVARTIS RAISED TO EQUAL WEIGHT AT MORGAN STANLEY
*ORIFLAME RAISED TO BUY FROM NEUTRAL AT GOLDMAN
*TELE2 RAISED TO BUY VS NEUTRAL AT NOMURA
*TELEFONICA RAISED TO NEUTRAL VS REDUCE AT NOMURA
>>> Down
*AFRICA OIL CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*ADIDAS CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*ASTRAZENECA CUT TO UNDERWEIGHT VS EQUAL-WEIGHT: MORGAN STANLEY
*COLT GROUP CUT TO REDUCE VS NEUTRAL AT NOMURA
*FRESENIUS SE CUT TO NEUTRAL VS BUY AT UBS
*LAURENT-PERRIER CUT TO NEUTRAL FROM BUY AT GOLDMAN
*METRO CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*NESTLE CUT TO SELL FROM NEUTRAL AT GOLDMAN; 12-MO. PT CHF65
*PERNOD RICARD CUT TO NEUTRAL FROM BUY AT GOLDMAN
*SCHIBSTED CUT TO NEUTRAL VS BUY AT UBS
*STATOIL CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*TALKTALK CUT TO REDUCE VS NEUTRAL AT NOMURA
>>> PT Changes
>>> Initiation
*INGENICO RESUMED BUY AT GOLDMAN, PT EU110
*JUST EAT RATED NEW BUY AT CITI, PT 495P
*NUMERICABLE RATED NEW OVERWEIGHT AT JPMORGAN, PT EU41.5
*UCB RATED NEW EQUALWEIGHT AT MORGAN STANLEY, PT EU69
>>> Call
>> Stock
*MARKS & SPENCER REMOVED FROM MORGAN STANLEY BEST IDEAS EUROPE
*RIO TINTO REMOVED FROM GOLDMAN CONVICTION SELL LIST; STAYS SELL
*ROSS STORES REMOVED FROM CONVICTION LIST AT GOLDMAN; STAYS BUY