>>> Up
* 888 PT Raised to 600 pence from 470 pence at Berenberg
* Acciona Raised to Buy at Grupo Santander; PT 190 euros
* AFRY AB Raised to Hold at Handelsbanken; PT 295 kronor
* BMW Raised to Buy at Bankhaus Metzler; PT 95 euros (+)
* Deutsche Bank Raised to Neutral at Mediobanca SpA; PT 11 euros (+)
* Getlink Raised to Buy at HSBC; PT 15.25 euros
* Merck KGaA PT Raised to 240 euros at Deutsche Bank
* Stillfront Raised to Hold at HSBC; PT 65 kronor
* Webstep Raised to Buy at Arctic Securities; PT 37 kroner
>>> Down
* Aker Carbon Capture Cut to Hold at HSBC; PT 23 kroner
* Allianz Cut to Hold at Berenberg; PT 254 euros
* BillerudKorsnas Cut to Hold at Danske Bank Markets (+)
* Cairn Energy Cut to Hold at Berenberg; PT 215 pence
* Gamma Communications Cut to Underperform at Jefferies
* Holmen Cut to Sell at Danske Bank Markets; PT 385 kronor (+)
* PolyPeptide Group Cut to Neutral at Credit Suisse
* SCA Cut to Sell at Danske Bank Markets; PT 135 kronor (+)
* Stora Enso Cut to Sell at Danske Bank Markets; PT 15 euros (+)
* Tele2 Raised to Overweight at Barclays; PT 155 kronor
* Telenor Cut to Underweight at Barclays; PT 150 kroner
* Telia Cut to Equal-Weight at Barclays; PT 48 kronor
* UniCredit Cut to Neutral at Banca Akros (ESN); PT 11.40 euros (+)
* UPM-Kymmene Cut to Sell at Danske Bank Markets; PT 31.50 euros (+)
>>> Initiation
* ANE SM Rated New Buy at Grupo Santander; PT 34 euros
* Elliptic Laboratories Rated New Buy at SpareBank; PT 350 kroner
* MorphoSys Reinstated Neutral at Goldman; PT 42 euros
* Neoen Rated New Hold at Berenberg; PT 39 euros
* SBB Rated New Buy at Kempen & Co; PT 57 kronor
>>> Call
* Allianz Cut at Berenberg on Structured Alpha Unit Uncertainty
* BMW Raised to Buy at Metzler on Solid Results, Product Pipeline (+)
* Inmobiliaria Colonial Resumed Equal-Weight at Morgan Stanley
* Luxury Momentum Strong in China, Margin Upside for Apparel: RBC (+)
* MorphoSys Reinstated Neutral at Goldman After Constellation Deal
* Neoen’s Growth Outlook Reflected in Shares, New Hold: Berenberg
* Polypeptide Cut to Neutral at Credit Suisse on High Valuation