>>> Up
*AKZO NOBEL RAISED TO NEUTRAL VS UNDERPERFORM AT BOFAML
*GAS NATURAL RAISED TO BUY VS HOLD AT BERENBERG
*IAG RAISED TO HOLD VS SELL AT CANTOR
*POSTE ITALIANE RAISED TO BUY VS NEUTRAL AT GOLDMAN
>>> Down
*ARM HOLDINGS CUT TO UNDERPERFORM VS MARKET PERFORM AT BERNSTEIN
*EDF CUT TO SELL VS HOLD AT BERENBERG
*EDP RENOVAVEIS CUT TO HOLD VS BUY AT BERENBERG
*ENDESA CUT TO HOLD VS BUY AT BERENBERG
*EON CUT TO SELL VS HOLD AT BERENBERG
*FORTUM CUT TO SELL VS HOLD AT BERENBERG
*OPERA SOFTWARE CUT TO HOLD VS BUY AT PARETO
*PAION CUT TO NEUTRAL AT ODDO SEYDLER
*RWE CUT TO SELL VS HOLD AT BERENBERG
*SMITH & NEPHEW CUT TO NEUTRAL VS BUY AT UBS
*TELENOR CUT TO SECTOR PERFORM VS OUTPERFORM AT RBC
>>> PT Change
>>> Initiation
*OHL RESUMED AT NEUTRAL AT BOFAML; PT EU5
>>> Call