>>> Up
*AAREAL BANK RAISED TO HOLD VS SELL AT BERENBERG
*AIR FRANCE-KLM RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS (Note attached)
*BANKIA RAISED FROM EQUALWEIGHT AT BARCLAYS
*BANCO POPOLARE RAISED TO BUY AT HSBC
*BARRATT RAISED TO BUY AT JEFFERIES
*BERKELEY RAISED TO BUY AT JEFFERIES
*BNP PARIBAS RAISED TO BUY VS HOLD AT SOCGEN
*BUREAU VERITAS RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*CAIRN ENERGY RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*CUCINELLI RAISED TO BUY VS HOLD AT KEPLER CHEUVREUX
*CENTRICA RAISED TO OUTPERFORM VS NEUTRAL AT EXANE
*DANONE RAISED TO BUY VS NEUTRAL AT NOMURA
*DRAX RAISED TO HOLD VS SELL AT DEUTSCHE BANK
*EDPR RAISED TO BUY VS HOLD AT DEUTSCHE BANK
*E.ON RAISED TO BUY VS HOLD AT DEUTSCHE BANK
*FORTUM RAISED TO HOLD VS SELL AT DEUTSCHE BANK
*GALLIFORD TRY RAISED TO BUY AT JEFFERIES
*GAZPROM NEFT RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
*GEBERIT RAISED TO BUY VS HOLD AT KEPLER CHEUVREUX
*GENEL RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*JUPITER RAISED TO OUTPERFORM VS NEUTRAL AT EXANE
*LADBROKES RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE
*LEGRAND RAISED TO BUY VS HOLD AT KEPLER CHEUVREUX
*OSRAM LICHT RAISED TO BUY VS HOLD AT HSBC
*RWE RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*SABADELL RAISED FROM EQUALWEIGHT AT BARCLAYS
*SGS RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*STANDARD LIFE RAISED TO BUY VS HOLD AT DEUTSCHE BANK
*ST JAMES’S PLACE CUT TO HOLD VS BUY AT DEUTSCHE BANK
*SWEDBANK RAISED TO BUY VS HOLD AT DNB
*TERNA RAISED TO BUY VS HOLD AT DEUTSCHE BANK
*WHITBREAD RAISED TO BUY VS NEUTRAL AT CITI
*WILLIAM HILL RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
>>> Down
*ACCIONA CUT TO HOLD VS BUY AT DEUTSCHE BANK
*BHP BILLITON CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*BHP BILLITON CUT TO REDUCE VS HOLD AT HSBC
*BOOKER CUT TO NEUTRAL VS BUY AT CITI
*CHARIOT OIL CUT TO HOLD VS BUY AT JEFFERIES
*EASYJET CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*ENDESA CUT TO NEUTRAL VS OUTPERFORM AT EXANE
*INTERCONT HOTELS CUT TO NEUTRAL VS BUY AT CITI
*L’OREAL CUT TO UNDERPERFORM VS SECTORPERFORM AT RBC, PT EU145
*MEAD JOHNSON NUTRITION CUT TO NEUTRAL VS BUY AT NOMURA
*NORILSK NICKEL CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*POPULAR CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*PREMIER OIL CUT TO HOLD VS BUY AT JEFFERIES
*PROXIMUS CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*PRUDENTIAL CUT TO HOLD VS BUY AT DEUTSCHE BANK
*TALKTALK CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*TELE2 CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*TELENOR CUT TO UNDERWEIGHT VS OVERWEIGHT AT JPMORGAN
*VERBUND CUT TO NEUTRAL VS OUTPERFORM AT EXANE
*ZURICH INSURANCE CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
>>> PT Change
>>> Initiation
*FERRAGAMO RATED NEW BUY AT CITI; PT EU27
*LUXOTTICA RATED NEW BUY AT SOCIETE GENERALE
*SCANDIC HOTELS RATED NEW EQUAL WEIGHT AT MORGAN STANLEY
*URALKALI RATED NEW EQUALWEIGHT AT BARCLAYS, PT 160 RUBLES
>>> Call
>> Stock
*DEUTSCHE TELEKOM EXITS HSBC EUROPE SUPER 10 PORTFOLIO
*ORANGE ADDED TO HSBC EUROPE SUPER 10 PORTFOLIO
*SEADRILL EXITS CONVICTION SELL LIST AT GOLDMAN; STILL SELL
>> Sector
*EUROPE OIL & GAS SECTOR CUT TO NEUTRAL VS POSITIVE AT BARCLAYS