>>> Up
*REPSOL RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
>>> Down
*GALP CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*MICHELIN CUT TO UNDERPERFORM FROM NEUTRAL AT EXANE; PT EU77
*SAFRAN CUT TO NEUTRAL VS BUY AT UBS
*STATOIL CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
>>> PT Changes
>>> Initiation
*AIRBUS RATED NEW KEY UNDERPERFORM IN AEROSPACE AT CREDIT SUISSE
*AXIS COMMUNICATIONS RATED NEW IN-LINE AT IMPERIAL, PT SEK210
*BAE SYSTEMS RATED NEW OUTPERFORM AT CREDIT SUISSE
*MEGGITT RATED NEW UNDERPERFORM AT CREDIT SUISSE
*ROLLS-ROYCE RATED NEW UNDERPERFORM AT CREDIT SUISSE
*SAFRAN RATED NEW TOP OUTPERFORM IN AEROSPACE AT CREDIT SUISSE
*THALES RATED NEW OUTPERFORM AT CREDIT SUISSE
*TDC RESUMED BUY AT GOLDMAN, PT DK64
>>> Call
>> Stock
*ERSTE BANK ADDED TO CONVICTION BUY LIST AT GOLDMAN
*ING GROEP REMOVED FROM GOLDMAN CONVICTION BUY LIST; REMAINS BUY
*SAFRAN RATED NEW TOP OUTPERFORM IN AEROSPACE AT CREDIT SUISSE
>> Sector
*EUROPE TELCOS SECTOR RAISED TO POSITIVE VS NEUTRAL AT BARCLAYS