>>> Up
* Allianz Upgraded to Buy at Independent Research; PT 225 Euros
* Axa Upgraded to Buy at Goldman; PT 27 Euros
* CGG Upgraded to Overweight at Morgan Stanley; PT 3.20 Euros
* Grieg Seafood Upgraded to Buy at SEB Equities; PT 106 Kroner
* Grieg Seafood Upgraded to Hold at Kepler Cheuvreux; PT 90 Kroner
* Tullow Upgraded to Overweight at Morgan Stanley; PT 3.25 Pounds
>>> Down
* ABN Amro GDRs Downgraded to Hold at ING; PT 26.50 Euros
* Aker BP Downgraded to Hold at SEB Equities; PT 300 Kroner
* Aker Solutions Cut to Underweight at Morgan Stanley
* Allianz Downgraded to Neutral at Goldman; PT 210 Euros
* Axa ADRs Downgraded to Hold at Spin-Off Research; PT $29
* Centrica Downgraded to Underweight at Morgan Stanley
* CGG Downgraded to Add at AlphaValue
* Evraz Downgraded to Neutral at Goldman; PT 5.50 Pounds
* Evraz Downgraded to Neutral at Citi
* Iliad Downgraded to Reduce at AlphaValue
* Sabadell Downgraded to Underperform at RBC; PT 1.45 Euros
* Sainsbury Downgraded to Underperform at Exane; PT 2.80 Pounds
* Sixt Downgraded to Hold at Bankhaus Lampe
* Sonova Downgraded to Neutral at MainFirst; PT 180 Francs
* Spie Downgraded to Reduce at HSBC; PT 15 Euros
* Stroeer Cut to Equal-weight at Morgan Stanley; PT 64 Euros
* Tecnicas Reunidas Cut to Underweight at Morgan Stanley
* Uzin Utz Downgraded to Hold at Montega; Price Target 64 Euros
* Vossloh Downgraded to Hold at Nord/LB; Price Target 45 Euros
* Wereldhave Downgraded to Reduce at HSBC; PT 30 Euros
* Wood Group Cut to Underweight at Morgan Stanley; PT 8 Pounds
* ZPG Downgraded to Hold at Shore Capital
>>> Initiation
* Arrow Global Rated New Sell at Berenberg; PT 2.80 Pounds
* Dometic Rated New Buy at Kepler Cheuvreux; PT 100 Kronor
* Schneider Resumed Equal-weight at Morgan Stanley; PT 84 Euros
>>> Call