>>> Up
* Banco Santander Upgraded to Outperform at RBC; PT 5.70 Euros
* Dialog Semi Upgraded to Buy at AlphaValue
* Evonik Upgraded to Hold at HSBC; PT 27.50 Euros
* Freenet Upgraded to Buy at Jefferies; PT 23.80 Euros
* IAG Upgraded to Outperform at RBC; Price Target 6.50 Pounds
* Lonmin Upgraded to Hold at Renaissance Capital
* SBM Offshore Upgraded to Buy at Oddo BHF; PT 22 Euros
* Umicore Upgraded to Buy at ING; PT 47 Euros
* Zalando Upgraded to Buy at Quirin Privatbank AG; PT 40 Euros
>>> Down
* Axel Springer Downgraded to Hold at Nord/LB; PT 46 Euros
* Credit Suisse Downgraded to Neutral at JPMorgan; PT 14 Francs
* Endesa Downgraded to Neutral at JPMorgan; PT Set to 23 Euros
* Geberit Downgraded to Hold at DZ Bank; PT 405 Francs
* Kingfisher Downgraded to Hold at Stifel; PT 2.60 Pounds
* Schindler Downgraded to Equal-weight at Barclays; PT 225 Francs
>>> Initiation
* Bechtle Rated New Underperform at MainFirst; PT 62.40 Euros
* Cancom Rated New Outperform at MainFirst; PT 43.90 Euros
* On The Beach Rated New Buy at Liberum; PT 5.60 Pounds
>>> Call