>>> Brokers Upgrades & Downgrades

>>> Up
*ARCADIS RAISED TO BUY VS HOLD AT ING
*MAUREL ET PROM RAISED TO BUY VS SELL AT SOCGEN
*RWE RAISED TO HOLD AT DEUTSCHE BANK
*SODEXO RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*ZOOPLUS RAISED TO BUY VS SELL AT BERENBERG

>>> Down
*LEJU CUT TO NEUTRAL VS BUY AT GOLDMAN
*NOBEL BIOCARE CUT TO UNDERPERFORM AT JEFFERIES

>>> PT Changes


>>> Initiation
*CARILLION RESUMED EQUALWEIGHT AT MORGAN STANLEY, PT 370P
*EDENRED RATED NEW NEUTRAL AT CREDIT SUISSE, PT EU24
*INFINEON RATED NEW OUTPERFORM AT CREDIT SUISSE, PT EU10.10
*OPERA SOFTWARE RATED NEW BUY AT BERENBERG; PT NOK124
*ROYAL MAIL RATED NEW BUY AT SARASIN
*STMICRO RATED NEW UNDERPERFORM AT CREDIT SUISSE, PT EU4.8

>>> Call
>> Stock
*BRENNTAG REMOVED FROM UBS LEAST PREFERRED LIST
*ENEL ADDED TO UBS KEY CALL LIST
*HAYS REMOVED FROM UBS MOST PREFERRED LIST