>>> Up
* Acerinox Upgraded to Neutral at JPMorgan; PT 9.30 Euros
* AMS Upgraded to Add at AlphaValue
* Elia Upgraded to Buy at Citi; PT Set to 70 Euros
* FirstGroup Upgraded to Outperform at RBC; PT 1.60 Pounds
* Marimekko Upgraded to Reduce at Inderes; Price Target 22 Euros
* Mobilezone Upgraded to Outperform at MainFirst; PT 12 Francs
* Telefonica Upgraded to Buy at DZ Bank; PT 8.30 Euros
* Terna Upgraded to Neutral at Citi; PT Set to 5.30 Euros
* Vestas Upgraded to Buy at NYKREDIT; PT 630 Kroner
* Vifor Pharma Upgraded to Hold at Kepler Cheuvreux; PT 133 Francs
* Zurich Airport Upgraded to Buy at Goldman; PT 194 Francs
>>> Down
* Enagas Downgraded to Sell at Citi; PT Set to 21.60 Euros
* Hypoport Downgraded to Hold at Commerzbank
* SpareBank 1 SMN Downgraded to Hold at ABG; PT 97 Kroner
>>> Initiation
* Fresnillo Rated New Hold at Panmure Gordon; PT 8.11 Pounds
* G4S Reinstated at Morgan Stanley With Equal-weight; PT 2 Pounds
* Nova Re SIIQ Rated New Buy at Integrae SIM; PT 6.61 Euros
* Poxel Rated New Buy at Bank Degroof Petercam; PT 20 Euros
* Scapa Group Rated New Buy at Jefferies; PT 4.50 Pounds
>>> Call
* Scapa Track Record, Positioning Justify Buy Rating: Jefferies