>>> Up
*DKSH HOLDING RAISED TO BUY VS NEUTRAL AT UBS
*ORANGE RAISED TO BUY VS HOLD AT BERENBERG
*SAP RAISED TO BUY AT DEUTSCHE BANK
*STATOIL RAISED TO BUY VS NEUTRAL AT CITI
>>> Down
*ROLLS-ROYCE CUT TO HOLD VS BUY AT BERENBERG
*SHIRE REINITIATED BUY AT BERENBERG, PT 6,300P
*STANDARD LIFE CUT TO SELL VS HOLD AT BERENBERG
>>> PT Changes
*PEUGEOT PT CUT TO €16.50 FROM €17 AT BARCAP (Note attached)
>>> Initiation
*LAFARGEHOLCIM RATED NEW NEUTRAL AT UBS; PT CHF77
*TELEFONICA RESUMED OVERWEIGHT AT JPMORGAN, PT EU15
>>> Call
>> Stock
*AEROPORTS DE PARIS EXITS GOLDMAN CONVICTION LIST, STAYS SELL
*AZIMUT EXITS GOLDMAN CONVICTION BUY LIST, STAYS BUY
>> Country
*CITI CUTS GREECE 2015 GDP FORECAST 2.2PP TO -2.4%
*CITI RAISES NETHERLANDS GDP FORECAST 0.2PP TO 2%
*CITI RAISES SPAIN 2015 REAL GDP GROWTH F'CAST BY 0.1PP TO 3.1%
*CITI RAISES GLOBAL 2015 GDP GROWTH FORECAST TO 2.7% VS 2.6%
*CITI CUTS JAPAN 2Q GROWTH EST TO -1.7% VS +0.5% Q/Q
*CITI RAISES U.K. 2015 GDP GROWTH FORECAST TO 2.8% VS 2.6%