>>> Up
* Air Products Raised to Positive at Susquehanna, PT $175
* Allianz Raised to Hold at SocGen
* Hexpol Raised to Hold at DNB Markets, PT SEK85
* Red Electrica Cut to Sell at Goldman, PT EU19
* Sage Raised to Equal-weight at Barclays, PT GBP6.85
>>> Down
* Acciona Cut to Neutral at Goldman, PT EU80
* Aegon Cut to Hold at SocGen
* DNO Cut to Underweight at Barclays, PT NOK11
* Hochschild Mining Cut to Neutral at UBS, PT 300p
* Indra Cut to Neutral at Goldman
* Infineon Cut to Neutral at Goldman
* Maire Tecnimont Cut to Equal-weight at Barclays, PT EU5.70
* Provident Cut to Underperform at RBC, PT 775p
* Red Electrica Cut to Sell at Goldman, PT EU19
* Richemont Cut to Hold at Deutsche Bank
* Wacker Neuson Raised to Hold at Deutsche Bank
* William Demant Cut to Underperform at Jefferies
* Worldline Cut to Neutral at Goldman
>>> Initiation
* Admiral New Underperform at MedioBanca, PT GBP18.74
* Aegon New Market Perform at Bernstein, PT $5.50
* ASR Nederland New Market Perform at Bernstein, PT EU35
* Aviva New Outperform at MedioBanca, PT 619p
* Banco BPM New Buy at UBS, PT EU4
* Berkshire New Overweight at JPMorgan, PT $315,000
* Direct Line New Neutral at MedioBanca, PT 403p
* Euromoney New Neutral at Citi, PT GBP11.05
* Ferrari New Neutral at Goldman, PT EU110
* Legal & General New Neutral at MedioBanca, PT 278p
* Prudential New Neutral at MedioBanca, PT GBP20.14
* RSA New Outperform at MedioBanca, PT 749p
>>> Call