>>> Up
* Bouygues Upgraded to Outperform at MainFirst; PT 37 Euros
* EasyJet Upgraded to Neutral at MainFirst; PT 13 Pounds
* Fraport Upgraded to Hold at Santander
* Lanxess Upgraded to Hold at Berenberg
>>>> Down
* Bodycote Downgraded to Hold at Berenberg
* Compass Downgraded to Sell at Goldman; PT 16.50 Pounds
* IAG Downgraded to Neutral at MainFirst
* ING Groep Raised to Outperform at RBC; Price Target 14.50 Euros
* Sodexo Downgraded to Sell at Goldman; PT 89 Euros
* Lookers Downgraded to Neutral at JPMorgan; PT 98 Pence
* Lufthansa Downgraded to Underperform at MainFirst; PT 18 Euros
* Merlin Downgraded to Sell at Berenberg
* Munich Re Downgraded to Hold at Jefferies; PT 212 Euros
* SGS Downgraded to Sell at Goldman; PT 2,400 Francs
* Tryg Downgraded to Sell at SEB Equities; PT 175 Kroner
>>> Initiation
* Assura Rated New Neutral at JPMorgan; PT 60 Pence
* Autogrill Rated New Buy at Goldman; PT 11 Euros
* Capital & Counties Rated New Hold at Panmure Gordon
* Derwent London Rated New Hold at Panmure Gordon; PT 32.96 Pounds
* Elior Group Rated New Neutral at Goldman; PT 12.60 Euros
* Great Portland Rated New Hold at Panmure Gordon; PT 7.41 Pounds
* Helical Rated New Buy at Panmure Gordon; PT 3.85 Pounds
* Shaftesbury Rated New Hold at Panmure Gordon; PT 9.35 Pounds
* Somfy Rated New Buy at Kepler Cheuvreux; PT 92 Euros
* Tikehau Capital Rated New Buy at Oddo BHF; PT 33.40 Euros