>>> Up
* Alfa Financial Upgraded to Hold at Berenberg
* Rational Upgraded to Buy at HSBC; PT 600 Euros
* Siegfried Upgraded to Buy at Baader Helvea; PT 436 Francs
>>> Down
* Ahlsell Downgraded to Hold at ABG; PT 55 Kronor
* Awilco Drilling Cut to Neutral at SpareBank; PT 37.50 Kroner
* Covestro Downgraded to Hold at Bankhaus Lampe; PT 42 Euros
* DWS Downgraded to Underweight at JPMorgan; PT 24 Euros
* Eiffage Downgraded to Neutral at Goldman; PT 90 Euros
* Salvatore Ferragamo Cut to Reduce at Kepler Cheuvreux
* Health Italia Cut to Neutral at EnVent S.p.A.; PT 6.37 Euros
* Hornbach Holding Downgraded to Neutral at Oddo BHF; PT 46 Euros
* Man Group Downgraded to Neutral at JPMorgan; PT 1.70 Pounds
* Metro Bank Downgraded to Neutral at Citi
* RWS Holdings Downgraded to Neutral at Citi
* Shire ADRs Downgraded to Hold at SunTrust; PT $175
* UBI Banca Cut to Underweight at Morgan Stanley; PT 2.80 Euros
>>> Initiation
* Air France-KLM Reinstated at Commerzbank With Hold; PT 10 Euros
* Borr Drilling Rated New Overweight at Morgan Stanley
* IAG Reinstated at Commerzbank With Buy
* Interroll Reinstated at Baader Helvea With Hold; PT 1,600 Francs
* EasyJet Reinstated at Commerzbank With Hold; PT 11.50 Pounds
* Northern Drilling Rated New Equal-weight at Morgan Stanley
* Odfjell Drilling Rated New Overweight at Morgan Stanley
* Ryanair Reinstated at Commerzbank With Reduce; PT 10.50 Euros
>>> Call
*