>>> Up
*AFRICA OIL RAISED TO OVERWEIGHT VS EQUAL WEIGHT AT BARCLAYS
*ANADARKO PETROLEUM RAISED TO BUY VS NEUTRAL AT GOLDMAN
*AXEL SPRINGER RAISED TO HOLD VS SELL AT BERENBERG
*CARRIZO OIL & GAS RAISED TO BUY VS NEUTRAL AT GOLDMAN
*FRESENIUS SE RAISED TO OVERWEIGHT VS EQUAL WEIGHT AT BARCLAYS (Note Attcahed)
*HERTZ UPGRADED TO OVERWEIGHT/CAUTIOUS AT MORGAN STANLEY
*MUNICH RE RAISED TO BUY AT CITI
*SAIPEM RAISED TO CONVICTION BUY VS NEUTRAL AT GOLDMAN
*VALEO RAISED TO ADD VS REDUCE AT ALPHAVALUE
>>> Down
*ACACIA MINING CUT TO NEUTRAL VS BUY AT UBS
*ANGLO AMERICAN CUT TO UNDERPERFORM VS NEUTRAL AT EXANE
*ANTOFAGASTA CUT TO NEUTRAL VS OUTPERFORM AT EXANE
*CARILLION CUT TO NEUTRAL AT JPMORGAN
*CARREFOUR CUT TO NEUTRAL VS BUY AT UBS
*EP ENERGY CUT TO SELL VS NEUTRAL AT GOLDMAN
*ITHACA ENERGY CUT TO EQUAL WEIGHT VS OVERWEIGHT AT BARCLAYS
*K+S CUT TO REDUCE VS ADD AT ALPHAVALUE
*MASSIMO ZANETTI CUT TO NEUTRAL AT JPMORGAN
*RENAULT CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*RESTAURANT GROUP CUT TO HOLD VS BUY AT DEUTSCHE BANK
*SWISS RE CUT TO NEUTRAL AT CITI
>>> Reiteration
*ILIAD REITERATED OVERWEIGHT AT BARCAP, PT RAISED FROM €230 to €240 (Note attached)
>>> Initiation
*ARCELORMITTAL RATED NEW OVERWEIGHT AT MORGAN STANLEY
*REPSOL RATED NEW NEUTRAL AT EXANE; PT EU10
>>> Call
>> Stock
*SAIPEM RAISED TO CONVICTION BUY VS NEUTRAL AT GOLDMAN
*SHELL ADDED TO CONVICTION BUY LIST AT GOLDMAN
*TOTAL REMOVED FROM CONVICTION BUY LIST AT GOLDMAN; STILL BUY