>>> Up
*ANGLO AMERICAN RAISED TO NEUTRAL VS SELL AT UBS
*ATLANTIA RAISED TO BUY VS NEUTRAL AT UBS
*GEOX RAISED TO NEUTRAL VS UNDERPERFORM AT MEDIOBANCA
*PROXIMUS RAISED TO HOLD VS SELL AT BERENBERG
*RAI WAY RAISED TO OUTPERFORM VS NEUTRAL AT MEDIOBANCA
*SNAM RAISED TO BUY VS HOLD AT HSBC
>>> Down
*BHP BILLITON CUT TO NEUTRAL VS BUY AT UBS
*ERDEMIR CUT TO NEUTRAL VS BUY AT GOLDMAN
*IMA CUT TO NEUTRAL VS OUTPERFORM AT MEDIOBANCA
*JUPITER FUND RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*LANDI RENZO CUT TO UNDERPERFORM VS NEUTRAL AT MEDIOBANCA
*SARAS CUT TO NEUTRAL VS OUTPERFORM AT MEDIOBANCA
>>> PT Change
>>> Initiation
*AB INBEV REINSTATED AT NEUTRAL AT JPMORGAN
*AB INBEV REINSTATED AT BUY AT BOFAML; PT EU137
*BP RATED NEW OUTPERFORM AT EXANE
*ENI RATED NEW UNDERPERFORM AT EXANE; PT EU12.5
*GALP RATED NEW OUTPERFORM AT EXANE
*REPSOL RATED NEW NEUTRAL AT EXANE; PT EU12.5
*SHELL RATED NEW NEUTRAL AT EXANE; PT 2,250P/EU25
*STATOIL RATED NEW UNDERPERFORM AT EXANE; PT NOK125
*TENARIS RATED NEW HOLD AT BERENBERG, PT EU12.5
*TOTAL RATED NEW OUTPERFORM AT EXANE
*VALLOUREC RATED NEW SELL AT BERENBERG, PT EU3.6
>>> Call
>> Stock
*SEVERSTAL ADDED TO CEEMEA FOCUS LIST AT GOLDMAN