>>> Up
*APR ENERGY RAISED TO NEUTRAL VS SELL AT UBS
*ASTRAZENECA RATED NEW BUY AT UBS
*ATLAS COPCO RAISED TO BUY VS NEUTRAL AT BOFAML
*CAPITA RAISED TO BUY VS NEUTRAL AT UBS
*CLARIANT RAISED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN
*FIRST QUANTUM RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*GLENCORE XSTRATA RAISED TO OVERWEIGHT VS EQUALWEIGHT: BARCLAYS
*HOCHSCHILD MINING UPPED TO EQUALWEIGHT VS UNDERWEIGHT: BARCLAYS
*HOMESERVE RAISED TO BUY VS NEUTRAL AT UBS
*LIONTRUST RAISED TO NEUTRAL FROM UNDERWEIGHT AT JPMORGAN
*L'OREAL RAISED TO NEUTRAL VS UNDERPERFORM AT BOFAML
*MLP RAISED TO OVERWEIGHT FROM UNDERWEIGHT AT JPMORGAN
*RED ELECTRICA RAISED TO EQUALWEIGHT AT MORGAN STANLEY
*ROCHE RATED NEW BUY AT UBS, PT CHF280 (EARLIER)
*STATOIL RAISED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN
>>> Down
*ALSTOM CUT TO NEUTRAL VS BUY AT BOFAML
*BMW CUT TO NEUTRAL VS BUY AT BOFAML ON VALUATION
*BRENNTAG CUT TO NEUTRAL VS BUY AT UBS
*CABLE & WIRELESS COMMUNICATIONS CUT TO NEUTRAL VS BUY AT UBS
*CARLSBERG CUT TO SELL VS NEUTRAL AT GOLDMAN
*DEUTZ RAISED TO BUY FROM HOLD AT BERENBERG
*DNO CUT TO UNDERPERFORM FROM NEUTRAL AT MACQUARIE
*EASYJET CUT TO HOLD VS BUY AT LIBERUM
*EMLAK KONUT CUT TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN
*FRESNILLO CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*GULF KEYSTONE CUT TO UNDERPERFORM FROM NEUTRAL AT MACQUARIE
*KINNEVIK CUT TO NEUTRAL FROM BUY AT CITI
*MAN GROUP CUT TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN
*PIRELLI CUT TO UNDERPERFORM AT BOFAML
*POLYUS GOLD CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*PORSCHE CUT TO NEUTRAL AT BOFAML ON VALUATION
*RYANAIR CUT TO HOLD VS BUY AT LIBERUM
*SERCO CUT TO NEUTRAL VS BUY AT UBS
*SES, EUTELSAT CUT TO NEUTRAL FORM OVERWEIGHT AT JPMORGAN
*SIEMENS CUT TO HOLD FROM BUY AT BERENBERG
*SIEMENS CUT TO NETURAL VS BUY AT BOFAML
*SPECTRIS CUT TO UNDERPERFORM VS NEUTRAL AT BOFAML
*SWEDISH MATCH CUT TO NEUTRAL VS BUY AT BOFAML
*VEDANTA CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
>>> PT Changes
>>> Initiation
*ASTRAZENECA RATED NEW BUY AT UBS, ADDED TO UBS MOST PREFERRED LIST
*BRUNELLO CUCINELLI RATED NEW SELL AT SOCGEN; PT EU18
*CTC MEDIA REINITIATED NEUTRAL AT UBS, PT $14
*GLAXOSMITHKLINE RATED NEW NEUTRAL AT UBS, PT 1,650P (EARLIER)
*GAMESA RATED NEW SELL AT SOCGEN, PT EU7.9
*GLENCORE XSTRATA SOUTH AFRICA RATED NEW OVERWEIGHT AT BARCLAYS
*MORGAN ADVANCED MATERIALS RATED NEW BUY AT BERENBERG
*NOVARTIS RATED NEW BUY AT UBS, PT CHF80, ADDED TO UBS MOST PREFERRED LIST, ADDED TO UBS EUROPEAN KEY CALL LIST
*ROCHE RATED NEW BUY AT UBS, PT CHF280 (EARLIER) ADDED TO UBS MOST PREFERRED LIST
*SANOFI RATED NEW NEUTRAL AT UBS, PT EU75 (EARLIER), ADDED TO UBS LEAST PREFERRED LIST
>>> Calls
>> Stocks
*ARM HOLDINGS REMOVED FROM CONVICTION BUY LIST AT GOLDMAN
*BUREAU VERITAS, INTERTEK ADDED TO UBS LEAST PREFERRED LIST
*DNO CUT TO UNDERPERFORM FROM NEUTRAL AT MACQUARIE
*HOMESERVE, EXPERIAN ADDED TO UBS MOST PREFERRED LIST
*IBERDROLA REMOVED FROM UBS LEAST PREFERRED LIST
*NOVARTIS, ROCHE, ASTRAZENECA ADDED TO UBS MOST PREFERRED LIST
*SANOFI ADDED TO UBS LEAST PREFERRED LIST
*SSE REMOVED FROM UBS MOST PREFERRED LIST
*TERNA ADDED TO UBS MOST PREFERRED LIST
>>