>>> Up
*ACCIONA RAISED TO NEUTRAL VS SELL AT GOLDMAN
*BASHNEFT RAISED TO OVERWEIGHT VS NEUTRAL AT HSBC
*BREMBO RAISED TO BUY VS ADD AT BANCA IMI
*CAT OIL RAISED TO OVERWEIGHT VS NEUTRAL AT HSBC
*EDP RENOVAVEIS RAISED TO BUY VS NEUTRAL AT GOLDMAN
*HOCHSCHILD RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
*METRO AG RAISED TO NEUTRAL VS SELL AT CITI
*PEUGEOT CUT FROM CONVICTION BUY AT GOLDMAN, STILL BUY
*SANDVIK RAISED TO BUY VS HOLD AT DEUTSCHE BANK
*SNAM RAISED TO BUY VS NEUTRAL AT UBS
*ST. JAMES’S PLACE RAISED FROM EQUALWEIGHT AT MORGAN STANLEY
*TATNEFT RAISED TO NEUTRAL VS UNDERWEIGHT AT HSBC
*TDC RAISED TO OVERWEIGHT VS UNDERWEIGHT AT BARCLAYS
*TNT EXPRESS RAISED TO OUTPERFORM AT RBC CAPITAL
*VERBUND RAISED TO NEUTRAL VS SELL AT UBS
>>> Down
*ANGLO AMERICAN CUT TO HOLD VS BUY AT DEUTSCHE BANK
*AXEL SPRINGER CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*AZ ELECTRONIC MATERIALS CUT TO NEUTRAL VS BUY AT UBS
*CAIRN CUT TO NEUTRAL VS BUY AT UBS
*CENTRICA CUT TO HOLD VS BUY AT SOCGEN
*DELTA LLOYD CUT NEUTRAL VS BUY AT GOLDMAN
*DRAX CUT TO NEUTRAL VS BUY AT AT CITI
*DOMINO PRINTING CUT TO NEUTRAL VS BUY AT UBS
*EDP RENOVAVEIS CUT TO NEUTRAL VS BUY AT UBS
*ENEL SPA CUT TO SELL VS NEUTRAL AT GOLDMAN
*FORTUM CUT TO SELL FROM HOLD AT NORDEA
*IBERDROLA CUT TO SELL VS NEUTRAL AT GOLDMAN
*IPSEN CUT TO NEUTRAL VS BUY AT GOLDMAN
*KUDELSKI CUT TO SELL VS NEUTRAL AT UBS
*RWE CUT TO NEUTRAL VS BUY AT GOLDMAN~
*THOMAS COOK GROUP CUT TO REDUCE VS NEUTRAL AT NOMURA
>>> PT Change
*Enel Green Power PT Raised to EU2.3 vs EU2.1 at Kepler Cheuvreux
*Generali PT Raised to EU16.01 vs EU13.47 at Morgan Stanley
>>> Initiation
*ABERTIS RATED NEW UNDERWEIGHT AT HSBC, PT EU15
*ADECCO RATED NEW EQUALWEIGHT AT MORGAN STANLEY; PT CHF69
*BP CUT TO NEUTRAL VS BUY AT UBS
*HAYS RATED NEW OVERWEIGHT AT MORGAN STANLEY; PT 150P
*NOVATEK RATED NEW NEUTRAL AT CREDIT SUISSE; PT $141/GDR
*PAGEGROUP RATED NEW OVERWEIGHT AT MORGAN STANLEY; PT 550P
*RANDSTAD RATED NEW EQUALWEIGHT AT MORGAN STANLEY; PT EU46
*STATOIL CUT TO NEUTRAL VS BUY AT UBS
>>>> Country Sector Stock call
>> Stocks
*A2A REMOVED FROM CONVICTION SELL AT GOLDMAN, STILL A SELL
*PEUGEOT CUT FROM CONVICTION BUY AT GOLDMAN, STILL BUY
*SCHRODERS ADDED TO RECOMMENDED PORTFOLIO AT NOMURA
>> Sectors
* AUTO : Expectations for Europe Autos & Auto Parts Too High: Nomura
* Nomura Removes Tactical Hedge in Europe Recommended Portfolio
* UK OIL & GAS CUT TO NEUTRAL VS OVERWEIGHT AT UBS
*UK UTILITIES CUT TO UNDERWEIGHT VS NEUTRAL AT UBS
*UK TRAVEL & LEISURE RAISED TO NEUTRAL AT UBS
*UK MINERS RAISED TO OVERWEIGHT VS NEUTRAL AT UBS
*EUROPEAN TELECOMS RAISED TO NEUTRAL FROM NEGATIVE AT BARCLAYS