>>> Up
*AIR LIQUIDE RAISED TO NEUTRAL VS UNDERPERFORM AT BOFAML
*AVEVA RAISED TO BUY VS NEUTRAL AT UBS
*ESSILOR RAISED TO BUY VS NEUTRAL AT BOFAML
*GSW IMMOBILIEN RAISED TO BUY VS HOLD AT BANKHAUS LAMPE
*HYDRO RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
*K+S RAISED TO BUY VS REDUCE AT KEPLER
*KLOECKNER & CO RAISED TO BUY VS HOLD AT DZ BANK
*LINDE RAISED TO NEUTRAL VS UNDERPERFORM AT BOFAML
*MONEYSUPERMARKET RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*PACE RAISED TO OUTPERFORM VS NEUTRAL AT EXANE
*PERFORM RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*SAP RAISED TO BUY VS NEUTRAL AT UBS {NSN MZ2LUZ6JTSEH <go>}
*TELE2 RAISED TO BUY VS HOLD AT BERENBERG
>>> Down
*ANGLO AMERICAN CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*ARKEMA CUT TO NEUTRAL VS BUY AT BOFAML
*BASF CUT TO UNDERPERFORM VS NEUTRAL AT BOFAML
*BIOTEST CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*BODYCOTE CUT TO HOLD VS ADD AT NUMIS
*CONTINENTAL CUT TO HOLD VS BUY AT KEPLER
*CTS EVENTIM CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*DEBENHAMS CUT TO UNDERWEIGHT VS OVERWEIGHT AT JPMORGAN
*DNB CUT TO UNDERPERFORM VS NEUTRAL AT MACQUARIE
*FREENET CUT TO NEUTRAL VS BUY AT UBS
*HENDERSON GROUP CUT TO UNDERWEIGHT VS NEUTRAL AT HSBC
*HOMAG GROUP CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*INVESTMENT AB KINNEVIK CUT TO SELL VS BUY AT UBS, ADDED TO UBS’S LEAST PREFERRED LIST
*RIGHTMOVE CUT TO NEUTRAL VS BUY AT UBS (Limited Upside PT Raised) {NSN MZ2LV46VDKHS <go>}
*SALZGITTER CUT TO UNDERPERFORM VS BUY AT BOFAML
*SCOR CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*VALEO REITERATE SELL AT GOLDMAN ( Note Attached )
*WILLIAM DEMANT CUT TO UNDERPERFORM VS NEUTRAL AT BOFAML
*XING CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
>>> PT Changes
*AMPLIFON PT RAISED TO EU3.6 AT BOFAML; KEPT AT UNDERPERFORM
*ASCENCIO PT RAISED TO EU54.80 FROM EU52 AT ING
>>> Initiation
>>> Calls
>>Stocks
*RICHEMONT REMOVED FROM EUROPE 1 LIST AT BOFAML
*INVESTMENT AB KINNEVIK ADDED TO UBS’S LEAST PREFERRED LIST
*SSAB REMOVED FROM UBS’S LEAST PREFERRED LIST
>>Sectors
*ENERGY SECTOR CUT TO UNDERWEIGHT AT CITI {NSN MZ2KRL6TTDS9 <go>}, CITI PREFERS MATERIALS
>> Country
*CITI DOWNGRADES TURKEY & SOUTH AFRICA
*Stocks Bull Market Not Over, HSBC Says; Downgrades U.S., China {NSN MZ2DJ06S972B <go>}