>>> Up
*Air France-KLM Raised to Neutral at Davy
*Atlantia Raised to Outperform at MainFirst, PT EU28.50
>>> Down
*Buwog Cut to Hold at Baader-Helvea
*Drillisch Cut to Hold at Jefferies, PT EU62
*Elis Cut to Hold at HSBC, PT EU19
*HAVAS SA Cut to Neutral at Goldman, PT EU9.48
*Metso Cut to Hold at ABG, PT EU32
*Norma Cut to Hold at Bankhaus Lampe
*Severn Trent Cut to Hold at Deutsche Bank, PT 2,450p
*Simcorp Cut to Hold at SEB Equities, PT DKK435
*Subsea 7 Cut to Neutral at Macquarie, PT NOK139
*United Utilities Cut to Hold at Deutsche Bank, PT 1,050p
>>> Initiation
*Banca Farmafactoring New Buy at Kepler Cheuvreux, PT EU5.70
*Banca Farmafactoring New Outperform at MedioBanca, PT EU6
*Banca Farmafactoring New Overweight at Morgan Stanley, PT EU5.60
*Countryside New Buy at Berenberg, PT 330p
*Unieuro New Outperform at Credit Suisse, PT EU18
>>> Call