>>> Up
*AKZO NOBEL RAISED TO BUY VS NEUTRAL AT CITI {NSN NW59VI6S972N<Go>}
*ALLIANZ RAISED TO OVERWEIGHT VS UNDERWEIGHT AT JPMORGAN
*GLAXOSMITHKLINE RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
*H&M RAISED TO BUY VS NEUTRAL AT CITI
*JUPITER RAISED TO OUTPERFORM AT RBC CAPITAL
*LADBROKES RAISED TO NEUTRAL VS SELL AT CITI {NSN NW59XI6S972B<Go>}
*SMITHS GROUP RAISED TO NEUTRAL VS SELL AT UBS
*STANCHART RAISED TO MARKET PERFORM AT KEEFE BRUYETTE
*TELE COLUMBUS RAISED TO BUY VS HOLD AT BANKHAUS LAMPE
>>> Down
*ASSOCIATED BRITISH FOODS CUT TO NEUTRAL VS BUY AT CITI
*AXA CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*DRILLISCH CUT TO NEUTRAL VS BUY AT GOLDMAN
*EQUITY BANK CUT TO HOLD VS BUY AT RENAISSANCE
*FENNER CUT TO SELL VS NEUTRAL AT UBS
*IMI CUT TO NEUTRAL VS BUY AT UBS
*KPN CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE (note attached)
*LEONI CUT TO NEUTRAL AT JPMORGAN
*PIRELLI CUT TO NEUTRAL AT CREDIT SUISSE (note attached)
*PGNIG CUT TO SELL VS HOLD AT SOCGEN
*SUBSEA 7 CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*SINGULUS CUT TO REDUCE VS NEUTRAL AT ODDO SEYDLER BANK
>>> PT change
>>> Initiation
*SOPHOS RATED NEW BUY AT LIBERUM; PT 290P
>>> Call
>> Stock
*HOCHTIEF REMOVED FROM BANKHAUS LAMPE’S ALPHA LIST
*AAREAL BANK ADDED TO ALPHA LIST AT BANKHAUS LAMPE
*Credit Suisse - European Top Picks - note attached
>> Sector
*Goldman update on Cement - Note attached
*French Telco Preview - DB - Note attached
*Oiul&Gas - exane update - -note attached