>>> Up
* Anglo American Upgraded to Buy at Goldman; PT 23 Pounds
* Arnoldo Mondadori Editore Raised to Outperform at MedioBanca
* Antofagasta Upgraded to Neutral at Goldman; PT 9.50 Pounds
* Antofagasta Raised to Sector Outperform at Scotiabank
* Axel Springer Downgraded to Sell at Berenberg
* BHP Upgraded to Neutral at Goldman; PT 15 Pounds
* Centrale del Latte d'Italia Raised to Add at Banca IMI
* Ford Upgraded to Overweight at Morgan Stanley
* ForFarmers Upgraded to Buy at Kepler Cheuvreux; PT 10.50 Euros
* Grifols Upgraded to Hold at HSBC; PT 22.70 Euros
* Inmarsat Upgraded to Hold at SocGen; PT 4.10 Pounds
* Nyrstar Upgraded to Buy at Goldman; PT 7.50 Euros
* Panalpina Upgraded to Neutral at MainFirst; PT 135 Francs
* SEB Upgraded to Overweight at Barclays; PT 110 Kronor
* Wacker Chemie Upgraded to Hold at Nord/LB; PT 128 Euros
>>> Down
* Befesa Downgraded to Neutral at Goldman; Price Target 45 Euros
* Ceconomy Cut to Hold at Independent Research; PT 10.70 Euros
* Kongsberg Downgraded to Hold at SEB Equities; PT 190 Kroner
* Masmovil Downgraded to Hold at Kepler Cheuvreux; PT 130 Euros
* Scor Downgraded to Hold at HSBC; PT 37 Euros
* Sunrise Downgraded to Neutral at JPMorgan; PT 93 Francs
>>> Initiation
* Alba Rated New Outperform at BBVA; PT 55.70 Euros
* Deutsche Industrie Rated New Buy at Baader-Helvea; PT 9.80 Euros
* Galapagos Rated New Buy at Berenberg; PT 112 Euros
* Siemens ADRs Rated New Buy at Spin-Off Research; PT $75.75
>>> Call