>>> Up
* Bouygues Raised to Buy at HSBC; PT 43 euros
* Brunello Cucinelli Raised to Buy at Goldman (+)
* Dunelm Raised to Sector Perform at RBC; PT 850 pence
* Duni Raised to Buy at Handelsbanken; PT 135 kronor
* Fugro GDRs Raised to Hold at ABN Amro Bank
* Hilton Food Raised to Buy at Peel Hunt
* Worldline Raised to Buy at Citi
* Zealand Pharma Raised to Buy at Goldman (+)
>>> Down
* Commerzbank Cut to Underweight at Morgan Stanley; PT 4.90 euros
* Elisa Oyj Cut to Underweight at Barclays; PT 38 euros
* Gofore Cut to Reduce at Inderes; PT 7.80 euros
* Hermes International Cut to Sell at Goldman (+)
* Iberdrola Cut to Neutral at Citi
* Magseis Fairfield ASA Cut to Hold at ABG; PT 7 kroner
* MTU Aero Cut to Hold at Hauck & Aufhaeuser; PT 250 euros (+)
* Pandora Cut to Sell at Goldman (+)
* Publicis Cut to Hold at Berenberg
* Remy Cointreau Cut to Hold at Berenberg
* Rheinmetall Cut to Neutral at MainFirst; PT 119 euros
* Sophos Cut to Hold at Jefferies; PT 583 pence
* Vinci Cut to Hold at HSBC; PT 103 euros
>>> Initiation
* Flutter Reinstated Sell at Shore Capital (+)
>>> Call
* Goldman Favors Luxury Mega Brands, Downgrades Hermes and Pandora
* Commerzbank Rated Underweight on Earnings Risk: Morgan Stanley (+)
* Dunelm Upgraded at RBC on ‘Reasonable’ Valuation, Market Share
* Iberdrola Cut After Strong Run, Value Is in Subsidiaries: Citi
* Publicis ‘For the Brave and Patient,’ Cut to Hold: Berenberg
* Remy Cut at Berenberg on Slower Cognac Growth in Mainland China (+)
* Worldline Shares at Attractive Entry Point, Citi Upgrades to Buy
* Hilton Food Up to Buy, Tesco Deal Brings Confidence: Peel Hunt (+)