>>> Up
* Burberry Upgraded to Add at AlphaValue
* Lufthansa Upgraded to Hold at Kepler Cheuvreux; PT 19.30 Euros
* Metro AG Upgraded to Hold at Baader Helvea; PT 14.50 Euros
* Micro Focus Upgraded to Buy at Goldman; PT 17 Pounds
* Next Upgraded to Buy at HSBC; PT 60.50 Pounds
* Nokian Renkaat Upgraded to Buy at Inderes; Price Target 32 Euros
* PhotoCure Upgraded to Buy at Norne Securities; PT 50 Kroner
* Sobi Upgraded to Buy at SEB Equities; PT 210 Kronor
* Tele2 Upgraded to Buy at SEB Equities; Price Target 120 Kronor
>>> Down
* Heidelberger Druck Downgraded to Sell at AlphaValue
* Rio Tinto Downgraded to Sell at Liberum
* Telecom Italia Downgraded to Equal-weight at Morgan Stanley
* ThyssenKrupp Downgraded to Hold at HSBC; PT 19 Euros
>>> Initiation
* AlzChem Group Rated New Buy at Berenberg
* Brunello Cucinelli Rated New Neutral at JPMorgan; PT 29 Euros
* Buzzi Unicem Reinstated Equal-weight at Morgan Stanley
* Laboratorios Farmaceuticos Rovi Rated New Buy at Jefferies
>>> Call