>>> Up
*ALCATEL RESUMED OVERWEIGHT AT MORGAN STANLEY, PT EU3.7
*AXEL SPRINGER RAISED TO EQUALWEIGHT AT MORGAN STANLEY
*BARRATT RAISED TO BUY AT CITI
*CRH PLC RAISED TO BUY VS NEUTRAL AT UBS
*EDP RAISED TO HOLD VS REDUCE AT KEPLER CHEUVREUX
*ESSILOR RAISED TO BUY FROM HOLD AT JEFFERIES
*FRESENIUS MEDICAL CARE RAISED TO NEUTRAL AT JPMORGAN
*GENEL ENERGY RAISED TO OVERWEIGHT VS NEUTRAL AT HSBC
*HERMES RAISED TO BUY VS NEUTRAL AT BOFAML
*NORSK HYDRO RAISED TO BUY FROM HOLD AT NORDEA
*TULLOW OIL RAISED TO OVERWEIGHT VS NEUTRAL AT HSBC
>>> Down
*ALCATEL-LUCENT CUT TO HOLD VS BUY AT DEUTSCHE BANK
*ARM HOLDINGS CUT TO HOLD VS BUY AT DEUTSCHE BANK
*BRITISH LAND RAISED TO OUTPERFORM VS NEUTRAL AT EXANE
*CSR CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY
*DNO CUT TO UNDERWEIGHT VS NEUTRAL AT HSBC
*ECONOCOM CUT TO HOLD FROM BUY AT ING
*EDENRED CUT TO UNDERPERFORM VS NEUTRAL AT BOFAML
*FERRAGAMO CUT TO REDUCE VS HOLD AT KEPLER CHEUVREUX
*HIKMA CUT TO NEUTRAL VS BUY AT BOFAML
*HUGO BOSS CUT TO UNDERPERFORM VS NEUTRAL AT BOFAML
*ICADE CUT TO NEUTRAL VS OUTPERFORM AT EXANE
*INTERCONTINENTAL HOTELS CUT TO NEUTRAL VS BUY AT BOFAML
*KERING CUT TO UNDERPERFORM VS BUY AT BOFAML
*LADBROKES CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*LINDT & SPRUENGLI CUT TO HOLD VS BUY AT BERENBERG
*LUNDIN PETROLEUM CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*MEDIASET ESPANA CUT TO UNDERWEIGHT AT MORGAN STANLEY
*MEGAFON CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*MTS CUT TO UNDERPERFORM VS OUTPERFORM AT CREDIT SUISSE
*ORANGE CUT TO UNDERPERFORM AT CREDIT SUISSE, PT EU8.50
*PENNON CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*PRADA CUT TO NEUTRAL VS BUY AT BOFAML
*REDROW CUT TO NEUTRAL AT CITI
*RTL CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*STMICROELECTRONICS CUT TO SELL AT DEUTSCHE BANK
*UNILEVER CUT TO HOLD VS BUY AT BERENBERG
*VIMPELCOM CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*WILLIAM HILL CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
>>> PT Change
*Amplifon PT Raised to EU4.15 vs EU4 at Bernstein
*Centrica PT Cut to 312p vs 327p at Raymond James
*DECEUNINCK PT RAISED TO EU1.85 FROM EU1.35 AT ING
*Edenred PT Cut to EU26 vs EU28 at Raymond James
*TENARIS ADR PT CUT TO $50.5 VS $52 AT BOFAML; KEPT AT NEUTRAL
*UBS PT Raised to CHF19 vs CHF18 at Mediobanca; Kept at Neutral
>>> Initiation
*ASM INTERNATIONAL RATED NEW BUY AT ING, PT EU31
*BE SEMICONDUCTOR INDUSTRIES RATED NEW BUY AT ING, PT EU14
*NEXANS RATED NEW EQUALWEIGHT AT BARCLAYS; PT EU38
*Prysmian PT Raised to EU22.5 vs EU16 at Barclays
>>> Calls
>>Stock
*CRH, WIENERBERGER ADDED TO MOST PREFERRED BUILDING SHRS AT UBS {NSN MZ4G5N6JIJUZ <go>}
*CRH REMOVED FROM LEAST PREFERRED BUILDING SHRS AT UBS {NSN MZ4G5N6JIJUZ <go>}
*WOLSELEY REMOVED FROM MOST PREFERRED BUILDING SHRS AT UBS