>>> Up
* A2A Upgraded to Outperform at MedioBanca; PT 1.61 Euros
* Brenntag Upgraded to Outperform at MainFirst; PT 60 Euros
* CaixaBank Upgraded to Outperform at Credit Suisse; PT 4.40 Euros
* CompuGroup Upgraded to Buy at Commerzbank; PT 62 Euros
* Deutsche Bank Upgraded to Buy at HSBC; PT 18 Euros
* Royal Mail Raised to Outperform at Bernstein; PT 4.50 Pounds
* Talanx Upgraded to Buy at Oddo BHF; PT 38.50 Euros
* Talanx Upgraded to Buy at HSBC; PT 37 Euros
* Tecnicas Reunidas Raised to Equal-weight at Morgan Stanley
* Vivendi Upgraded to Overweight at JPMorgan; PT 40 Euros
* Wihlborgs Upgraded to Hold at Kepler Cheuvreux; PT 210 Kronor
* Ypsomed Raised to Buy at Bank Vontobel; Price Target 240 Francs
>>> Down
* Arkema Downgraded to Hold at Kepler Cheuvreux; PT 106 Euros
* Axiare Downgraded to Hold at SocGen; PT 19 Euros
* Draegerwerk Downgraded to Sell at DZ Bank; PT 60 Euros
* Draegerwerk Cut to Reduce at Kepler Cheuvreux; PT 70 Euros
* Geox Downgraded to Underperform at MedioBanca; PT 2.29 Euros
* Hannover Re Downgraded to Hold at HSBC; Price Target 115 Euros
* Innogy Downgraded to Neutral at Goldman
* Intertek Downgraded to Hold at Kepler Cheuvreux; PT 51.90 Pounds
* Leonardo Downgraded to Hold at Kepler Cheuvreux; PT 12 Euros
* Kappahl Downgraded to Sell at SEB Equities; PT 45 Kronor
* Munich Re Cut to Hold at Jefferies; Price Target 200 Euros
* Next Downgraded to Sell at Goldman
* Royal Caribbean Downgraded to Hold at Berenberg
* Trigano Downgraded to Hold at SocGen; Price Target 147.60 Euros
>>> Initiation
* Bertrandt Initiated at Berenberg With Hold; PT 89 Euros
>>> Call