>>> Up
* Air Products Upgraded to Buy at Jefferies
* Air Liquide Upgraded to Buy at Jefferies
* Allianz Upgraded to Equal-weight at Barclays; PT 204 Euros
* Deutsche Post Upgraded to Add at AlphaValue
* First Quantum Minerals Upgraded to Buy at Goldman
* KAZ Minerals Upgraded to Buy at Goldman
* Modern Times Group Upgraded to Reduce at AlphaValue
* L'Oreal Upgraded to Buy at Goldman; PT 210 Euros
* Scor Upgraded to Equal-weight at Barclays; PT 35.60 Euros
* Siemens Upgraded to Overweight at Morgan Stanley; PT 134 Euros
* Swatch Upgraded to Outperform at Credit Suisse; PT 460 Francs
>>> Down
* Europcar Downgraded to Hold at HSBC; PT 11.20 Euros
* Getinge Downgraded to Reduce at AlphaValue
* Gjensidige Downgraded to Underweight at Barclays; PT 143 Kroner
* Hannover Re Cut to Underweight at Barclays; PT 107.70 Euros
* Imperial Brands Cut to Equal-weight at Morgan Stanley
* Inmarsat Downgraded to Neutral at Goldman
* Swisscom Downgraded to Neutral at Citi; PT 570 Francs
* Zurich Ins. Cut to Equal-weight at Barclays; PT 303 Francs
>>> Initiation
* Ferrari Rated New Hold at HSBC
*Volvo Resumed at SEB Equities With Buy
>>> Call