>>> Up
* Aurubis Upgraded to Neutral at Goldman; PT 61 Euros
* Bakkavor Upgraded to Buy at HSBC; PT 2 Pounds
* Credit Suisse Upgraded to Equal-weight at Barclays; PT 16 Francs
* Iberdrola Raised to Outperform at Bernstein; PT 7.40 Euros
* Lonmin Upgraded to Hold at Liberum
* Morrison Upgraded to Buy at HSBC; PT 3 Pounds
* Norsk Hydro Upgraded to Overweight at JPMorgan; PT 54 Kroner
* Novartis Upgraded to Buy at BofAML; PT Set to 100 Francs
* PORR Upgraded to Buy at Erste Group; PT 33.70 Euros
* Rio Tinto Upgraded to Overweight at JPMorgan; PT 49 Pence
* Roche Upgraded to Buy at New Street Research
* Sanofi Upgraded to Buy at BofAML
>>> Down
* Cerved Group Downgraded to Hold at HSBC; PT 10.70 Euros
* Danske Bank Cut to Hold at Kepler Cheuvreux; PT 191 Kroner
* Genmab Downgraded to Underperform at BofAML
* Glencore Downgraded to Neutral at JPMorgan; PT 4 Pence
* Ipsen Downgraded to Underperform at BofAML
* Roche Downgraded to Neutral at BofAML
* Scor Downgraded to Hold at Jefferies; Price Target 38 Euros
>>> Initiation
>>> Call
* *EUROPEAN TELECOMS RAISED TO OVERWEIGHT AT DEUTSCHE BANK