>>> Up
* Cairn Energy Upgraded to Outperform at BMO
* Coloplast Upgraded to Hold at Jefferies
* Gima TT Upgraded to Hold at Kepler Cheuvreux; PT 6.80 Euros
* Hunting Upgraded to Overweight at JPMorgan; PT 7.29 Pounds
* Straumann Upgraded to Buy at Jefferies; PT 755 Francs
* Suedzucker Upgraded to Neutral at Goldman; PT 12 Euros
* Topdanmark Upgraded to Hold at SEB Equities; PT 316 Kroner
* Virbac Upgraded to Hold at Jefferies; PT 112 Euros
* William Demant Upgraded to Hold at Jefferies
>>> Down
* ABB ADRs Downgraded to Sell at Vertical Research; PT $17
* Bittium Downgraded to Reduce at Inderes; Price Target 7.50 Euros
* Georgia Healthcare Downgraded to Hold at Jefferies
* Ion Beam Downgraded to Hold at Jefferies
* Orion Downgraded to Underperform at Jefferies; PT 23.40 Euros
* Raiffeisen Downgraded to Neutral at JPMorgan; PT 28 Euros
* Soco Downgraded to Underperform at BMO
* Telia Downgraded to Sell at SocGen; PT 35 Kronor
* UDG Downgraded to Hold at Jefferies; PT 6.20 Pounds
>>> Initiation
* Akzo Nobel Rated New Outperform at MainFirst; PT 73 Euros
* Intervest Offices Rated New Hold at Kepler Cheuvreux
* Recordati Reinstated at Jefferies With Buy
* Ubisoft Rated New Equal-weight at Stephens; PT 75 Euros
>>> Call