>>> Up
* DEFAMA AG Upgraded to Accumulate at SRC Research; PT 17 Euros
* Fielmann Upgraded to Buy at HSBC; Price Target 70 Euros
* Hiscox Upgraded to Overweight at Morgan Stanley; PT 17.80 Pounds
* Holmen Upgraded to Buy at SEB Equities; PT 230 Kronor
* Maersk Upgraded to Buy at Fearnley; Price Target 8,100 Kroner
* Spar Nord Upgraded to Buy at ABG; PT 63 Kroner
* Veidekke Upgraded to Buy at DNB Markets; PT 95 Kroner
>>> Down
* Elia Downgraded to Neutral at Citi
* MTU Aero Downgraded to Hold at Berenberg
* Ryanair Downgraded to Underperform at MainFirst; PT 8 Euros
* SGL Downgraded to Reduce at Kepler Cheuvreux; PT 3 Euros
* SGL Downgraded to Hold at Bankhaus Lampe; PT 4 Euros
* Vifor Pharma Downgraded to Neutral at Goldman; PT 151 Francs
* Voestalpine Cut to Equal-weight at Morgan Stanley; PT 29 Euros
* XXL Downgraded to Sell at Goldman; PT 21 Kroner
* Zealand Pharma Cut to Sell at Handelsbanken; PT 145 Kroner
>>> Initiation
>>> Call
* Hiscox De-Rating Creates an Opportunity to Buy: Morgan Stanley
* Voestalpine Earnings Recovery Seen Protracted: Morgan Stanley