>>> Up
* Arise Upgraded to Buy at Kepler Cheuvreux; PT 23 Kronor
* Burberry Upgraded to Neutral at Intermonte; PT 18 Pounds
* Danske Bank Upgraded to Buy at Kepler Cheuvreux; PT 180 Kroner
* DSV Upgraded to Buy at Berenberg
* Fraport Upgraded to Neutral at MainFirst; PT 72 Euros
* Logista Upgraded to Neutral at Credit Suisse; PT 21 Euros
>>> Down
* Cementir Holding Cut to Underperform at Intermonte
* Ceva Logistics Downgraded to Hold at Berenberg
* Hikma Downgraded to Hold at Peel Hunt
* Kuehne + Nagel Downgraded to Sell at Berenberg
* Metsa Board Cut to Reduce at Kepler Cheuvreux; PT 7.50 Euros
* MTG Downgraded to Underweight at Morgan Stanley; PT 310 Kronor
* Nornickel GDRs Downgraded to Neutral at Citi; PT Set to $17.20
* Panalpina Downgraded to Hold at Berenberg
* Richemont Downgraded to Outperform at Raymond James
* Rosneft GDRs Downgraded to Hold at SOVA Capital; PT $7.07
* Salmar Downgraded to Reduce at Kepler Cheuvreux; PT 440 Kroner
>>> Initiation
* Allreal Rated New Hold at Research Partners; PT 158 Francs
* Barco Rated New Buy at Kepler Cheuvreux; PT 125 Euros
* JD Sports Rated New Buy at Berenberg
* Sports Direct Rated New Sell at Berenberg
>>> Call