>>> Up
*AXA RAISED TO OUTPERFORM VS UNDERPERFORM AT MEDIOBANCA
*BACHEM RAISED TO NEUTRAL VS SELL AT UBS
*SAFILO RAISED TO NEUTRAL VS UNDERPERFORM AT BOFAML
*TELECOM ITALIA ADDED TO CONVICTION BUY LIST AT GOLDMAN
*YPSOMED RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE
*ZON OPTIMUS RAISED TO NEUTRAL VS SELL AT GOLDMAN
>>> Down
*AVEVA GROUP CUT TO NEUTRAL VS BUY AT UBS
*BELGACOM REMOVED FROM CONVICTION SELL AT GOLDMAN; STILL SELL
*BWIN.PARTY CUT TO NEUTRAL VS OUTPERFORM AT EXANE
*NOKIAN RENKAAT CUT TO BUY VS STRONG BUY AT NORDEA
*NORDNET CUT TO HOLD VS BUY AT SEB
*OSRAM CUT TO NEUTRAL VS BUY AT BOFAML
*SWATCH CUT TO HOLD VS BUY AT SOCGEN
*TRANSNEFT CUT TO SELL VS NEUTRAL AT CITI
*VODAFONE CUT TO HOLD VS BUY AT BERENBERG
*VTB CUT TO UNDERPERFORM VS NEUTRAL AT BOFAML
>>> PT Changes
*ROYAL MAIL PT CUT TO 480P VS 500P AT CANTOR; KEPT AT SELL
*SNAM PT CUT TO EU4.15 VS EU4.2 AT GOLDMAN; KEPT AT NEUTRAL
*TERNA PT RAISED TO EU3.55 VS EU3.5 AT GOLDMAN; KEPT AT SELL
>>> Initiation
*PREMIER FOODS REINSTATED OUTPERFORM AT CREDIT SUISSE, PT 90P
*SEPLAT PETROLEUM RATED NEW NEUTRAL AT CITI, PT 270P
>>> Call
>> Stock
*BELGACOM REMOVED FROM CONVICTION SELL AT GOLDMAN; STILL SELL
*LSE ADDED TO CREDIT SUISSE’S FOCUS LIST
*TELECOM ITALIA ADDED TO CONVICTION BUY LIST AT GOLDMAN