>>> Up
* ADO Properties Upgraded to Buy at Commerzbank; PT 50 Euros (+)
* Bayer Upgraded to Buy at BofAML; PT 85 Euros (+)
* Beijer Alma Upgraded to Buy at Nordea; PT Set to 140 Kronor (+)
* 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
* Holmen Upgraded to Buy at Nordea; PT Set to 223 Kronor (+)
* KAZ Minerals Upgraded to Buy at VTB Capital; PT 5.20 Pounds
* 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
* Awilco Drilling Downgraded to Sell at SpareBank; PT 15 Kroner (+)
* Elia Downgraded to Neutral at Citi
* Hexagon Composites Downgraded to Sell at SpareBank; PT 22 Kroner (+)
* ICA Gruppen Downgraded to Sell at Nordea; PT Set to 405 Kronor (+)
* 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
* Voltabox Downgraded to Sell at Hauck & Aufhaeuser; PT 3 Euros (+)
* XXL Downgraded to Sell at Goldman; PT 21 Kroner
* Zealand Pharma Cut to Sell at Handelsbanken; PT 145 Kroner
>>> Initiation
* Dart Group Rated New Buy at Panmure Gordon; PT 9.06 Pounds (+)
* Fluidra Rated New Outperform at Credit Suisse; PT 12.50 Euros (+)
* Hostelworld Rated New Buy at Panmure Gordon; PT 2.20 Pounds (+)
* Malin Rated New Buy at Liberum; PT 8.53 Euros (+)
* On The Beach Reinstated Sell at Panmure Gordon; PT 3.23 Pounds (+)
* Trainline Rated New Buy at Panmure Gordon; PT 4.94 Pounds (+)
* TUI Reinstated at Panmure Gordon With Hold; PT 8.52 Pounds (+)
* Whitbread Reinstated Sell at Panmure Gordon; PT 38.16 Pounds (+)
>>> Call
* Elia Growth Now Priced In to Stock Following Rally, Citi Says
* Hiscox De-Rating Creates an Opportunity to Buy: Morgan Stanley
* MTU Aero Cut at Berenberg on Tough 2H Comparatives, Economy
* Voestalpine Earnings Recovery Seen Protracted: Morgan Stanley