>>> Up
*BASF RAISED TO BUY VS NEUTRAL AT UBS, ADDED TO UBS'S EUROPEAN KEY CALL LIST
*BSKYB RAISED TO HOLD AT JEFFERIES
*DELTA LLOYD RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*ITV RAISED TO BUY FROM HOLD AT JEFFERIES
*LOGITECH RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*NESTE OIL RAISED TO NEUTRAL VS REDUCE AT NOMURA
*NEXT RAISED TO OVERWEIGHT VS NEUTRAL AT HSBC
*PERRIGO CO RAISED TO BUY VS NEUTRAL AT BOFAML
*ROCKWOOL INTERNATIONAL RAISED TO HOLD VS SELL AT BERENBERG
*SODEXO RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT MORGAN STANLEY
*VOLVO RAISED TO BUY VS HOLD AT DNB
>>> Down
*888 HOLDINGS CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY
*AEGON CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*AIR LIQUIDE CUT TO SELL VS NEUTRAL AT UBS
*ANITE CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*CSR CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*DEBENHAMS CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*DIALOG SEMICONDUCTOR CUT TO UNDERPERFORM AT CREDIT SUISSE
*EURAZEO CUT TO HOLD VS BUY AT KEPLER CHEUVREUX
*HUGO BOSS CUT TO HOLD VS BUY AT SOCGEN
*PURECIRCLE CUT TO HOLD VS BUY AT LIBERUM
*SAINSBURY CUT TO UNDERPERFORM VS NEUTRAL AT BOFAML
*SARAS CUT TO REDUCE VS NEUTRAL AT NOMURA
*SEVERN TRENT CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*SIMCORP CUT TO HOLD VS BUY AT NORDEA
*SOFTWARE AG CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*STMICRO CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*SWATCH GROUP CUT TO HOLD VS BUY AT SOCIETE GENERALE
*SWEDISH MATCH CUT TO SELL VS NEUTRAL AT CITI
*TDC CUT FROM CONVICTION BUY LIST AT GOLDMAN, STILL A BUY
*TGS NOPEC CUT TO SELL VS HOLD AT DNB
>>> PT Changes
*RECTICEL PT RAISED TO EU6.50 FROM EU6 AT ING
>>> Initiation
*MULBERRY RATED NEW NEUTRAL AT NOMURA; PT 1,050P
*NOKIA RATED NEW SELL AT DNB, PT EU5.2
*ROYAL MAIL RATED NEW SELL AT CANTOR; PT 500P
*TEVA RATED NEW SECTOR PERFORM AT RBC, PT $39
>>> Calls
>> Stocks
*BASF ADDED TO UBS'S EUROPEAN KEY CALL LIST
*TDC CUT FROM CONVICTION BUY LIST AT GOLDMAN, STILL A BUY
>> Sectors
*EUROPEAN REFINERS CUT TO BEARISH VS NEUTRAL AT NOMURA
* GS Refiners note attached - still Cautious, 4Q unlikely to provide any new year comfort,
* UBS European Strategy attached