>>> Up
* AB InBev Upgraded to Top Pick at RBC
* Air France-KLM Raised to Overweight at Morgan Stanley
* Arkema Upgraded to Outperform at MainFirst; PT 122 Euros
* Equiniti Upgraded to Buy at Peel Hunt
* Givaudan Upgraded to Outperform at MainFirst; PT 2,700 Francs
* Hochtief Upgraded to Buy at SocGen; PT 154.50 Euros
* Lanxess Upgraded to Outperform at MainFirst; PT 58 Euros
* Lufthansa Upgraded to Overweight at Morgan Stanley; PT 25 Euros
* Restore Upgraded to Buy at Peel Hunt
* Smart Metering Upgraded to Buy at Peel Hunt
* Stora Enso Upgraded to Buy at SEB Equities; PT 14 Euros
* Swedish Match Upgraded to Buy at Citi
* Under Armour Upgraded to Buy at Goldman; PT $28
* UPM Upgraded to Buy at SEB Equities; Price Target 29.50 Euros
* Voestalpine Upgraded to Overweight at JPMorgan; PT 31 Euros
>>> Down
* Altria Downgraded to Underweight at Morgan Stanley
* BASF Downgraded to Neutral at MainFirst; PT 75 Euros
* BillerudKorsnas Cut to Hold at SEB Equities; PT 120 Kronor
* Croda Downgraded to Underperform at MainFirst; PT 47.50 Pounds
* EasyJet Cut to Equal-weight at Morgan Stanley; PT 12.90 Pounds
* Gap Downgraded to Sell at Goldman; PT $23
* Henkel Downgraded to Neutral at MainFirst; PT 92 Euros
* Henkel Downgraded to Add at AlphaValue
* Henkel Downgraded to Neutral at Goldman; PT 100 Euros
* IAG Downgraded to Underweight at Morgan Stanley
* Italgas Downgraded to Sell at Citi
* K+S Cut to Underperform at MainFirst; Price Target 17 Euros
* Luxoft Holding Downgraded to Hold at Berenberg
* Novo Nordisk Downgraded to Hold at SEB Equities; PT 330 Kroner
* Outokumpu Downgraded to Underweight at JPMorgan; PT 3.60 Euros
* Red Electrica Downgraded to Neutral at Citi
* Royal Dutch Shell Downgraded to Underweight at Morgan Stanley
* Shell Cut to Underweight at Morgan Stanley; PT 21.80 Pounds
* SSAB Downgraded to Neutral at JPMorgan; PT 37 Kronor
* Tiffany Downgraded to Neutral at Goldman; PT $104
>>> Initiation
* Circle Property Rated New Buy at Cenkos Securities
* Qiagen Rated New Buy at Bankhaus Lampe; PT 38 Euros
>>> Call
* Swedish Match a Winner in New Tobacco World: Citi
* *EUROPE STAPLES CUT TO UNDERWEIGHT VS MARKETWEIGHT AT BARCLAYS
* *EUROPEAN TECH RAISED TO MARKETWEIGHT VS UNDERWEIGHT: BARCLAYS