>>> Up
* Bekaert Upgraded to Neutral at JPMorgan; PT 42 Euros
* Credit Suisse TP Raised at HSBC on Investor Day Expectations
* Elior Group Upgraded to Strong Buy at Raymond James; PT 29 Euros
* Euskatel Upgraded to Buy at Ahorro Corporacion; PT 7.55 Euros
* Fresnillo Upgraded to Buy at HSBC
* Nordea Upgraded to Hold at Deutsche Bank
* NOS Upgraded to Neutral at BPI; PT 5.75 Euros
* Paragon Upgraded to Buy at Investec
* Sanofi Raised to Equal-weight at Barclays; Price Target 75 Euros
>>> Down
* Astaldi Downgraded to Reduce at Kepler Cheuvreux; PT 2.50 Euros
* Axiare Downgraded to Hold at ING; PT 18.50 Euros
* FirstGroup Downgraded to Hold at Investec
* Intertek Cut to Reduce at Oddo BHF; Price Target 50.50 Pounds
* Infineon Downgraded to Hold at Nord/LB; PT 24.50 Euros
* Medigene Cut to Neutral at Oddo BHF; Price Target 12 Euros
* Repsol Downgraded to Neutral at Exane; PT 16 Euros
* RWE Downgraded to Hold at Santander; PT 23.23 Euros
* Subsea 7 Downgraded to Hold at HSBC; PT 140 Kroner
* TechnipFMC Downgraded to Reduce at HSBC; PT $26
>>> Initiation
* Air France-KLM Initiated at Natixis With Buy
* Beni Stabili SpA SIIQ Initiated at Natixis With Reduce
* VW Initiated at MainFirst With Outperform; PT 220 Euros
* Yara Initiated at Berenberg With Buy; PT 435 Kroner
>>> Call