>>> Up
* Moncler Upgraded to Overweight at Morgan Stanley
* RBS Upgraded to A by Fitch on Restructuring Progress
* Senvion Upgraded to Overweight at JPMorgan; Price Target 5 Euros
>>> Down
* Elia Downgraded to Neutral at Citi
* Indra Downgraded to Underweight at Morgan Stanley; PT 9 Euros
* NNIT Downgraded to Underweight at Morgan Stanley; PT 190 Kroner
* Oriflame Downgraded to Add at AlphaValue
* Richemont Downgraded to Equal-weight at Morgan Stanley
* Salvatore Ferragamo Downgraded to Underweight at Morgan Stanley
* Sopra Steria Cut to Underweight at Morgan Stanley; PT 75 Euros
* Swatch Downgraded to Underweight at Morgan Stanley
* Worldline Cut to Underweight at Morgan Stanley; PT 43 Euros
* Zealand Pharma Downgraded to Neutral at Goldman; PT 92 Kroner
>>> Initiation
* Argenx ADRs Rated New Outperform at Wolfe; PT $148
* Argenx ADRs Rated New Buy at Goldman; PT $154
* Central Asia Metals Rated New Outperform at RBC; PT 2.80 Pounds
* Garofalo Health Care Rated New Neutral at Credit Suisse
* Novozymes Rated New Hold at Kepler Cheuvreux; PT 280 Kroner
* Scandic Rated New Buy at Kepler Cheuvreux; PT 105 Kronor
* SMCP Rated New Hold at Jefferies; PT 17.20 Euros
>>> Call