>>> Up
*ACCOR RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*ALMIRALL RAISED TO BUY AT JEFFERIES, PT EU19
*BENI STABILI RAISED TO NEUTRAL VS SELL AT GOLDMAN
*BMW RAISED TO BUY VS NEUTRAL AT BOFAML
*NOVATEK RAISED TO BUY VS HOLD AT SOCGEN
*POSTNL RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*SABMILLER RAISED TO OUTPERFORM VS MARKETPERFORM AT BERNSTEIN
*TRAVIS PERKINS RAISED TO BUY VS NEUTRAL AT CITI
>>> Down
*BP MILANO CUT TO REDUCE VS HOLD AT KEPLER CHEUVREUX
*KENTZ CUT TO NEUTRAL VS BUY AT UBS
*POLYMETAL INTERNATIONAL CUT TO NEUTRAL VS OVERWEIGHT: JPMORGAN
>>> PT Change
>>> Initiation
*ESPIRITO SANTO SAUDE RATED NEW NEUTRAL AT CREDIT SUISSE
*NATIONAL GRID RATED NEW UNDERPERFORM AT MACQUARIE, PT 750P
*OSRAM RATED NEW BUY AT BOFAML, PT EU53
*VODAFONE REINSTATED OVERWEIGHT AT JPMORGAN, PT 270P
>>> Call
>> Stock
*ARM REMOVED FROM EUROPE 1 LIST AT BOFAML
*AKZO NOBEL ADDED TO CITI FOCUS LIST EUROPE, LINDE REMOVED