>>> Up
*ALSTOM RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*FRAPORT RAISED TO BUY AT HSBC
*RENTOKIL INITIAL RAISED TO OUTPERFORM AT CREDIT SUISSE
>>> Down
*BHP BILLITON CUT TO NEUTRAL VS BUY AT NOMURA
*CAIRN ENERGY CUT TO SELL VS HOLD AT LIBERUM
*CIRCLE OIL CUT TO NEUTRAL VS OUTPERFORM AT MACQUARIE
*DIAGEO CUT TO HOLD VS BUY AT DEUTSCHE BANK
*FERREXPO CUT TO UNDERPERFORM AT JEFFERIES
*FORTUM CUT TO REDUCE AT KEPLER CHEUVREUX
*GAZPROM CUT TO NEUTRAL VS BUY AT CITI, PT RAISED 3.5% TO $2.06
*HYSTER-YALE CUT TO HOLD VS BUY AT BERENBERG
*NORSK HYDRO CUT TO REDUCE VS BUY AT NOMURA
*SOUTHCROSS ENERGY CUT TO UNDERWEIGHT AT JPMORGAN
*STARWOOD HOTELS & RESORTS CUT TO NEUTRAL VS BUY AT NOMURA
*VALE SA CUT TO NEUTRAL VS BUY AT NOMURA
>>> PT Change
>>> Initiation
*ASML HOLDING RATED NEW SECTOR PERFORM AT RBC, PT $100
*BARRATT DEVELOPMENTS RATED NEW BUY AT HSBC, PT 700P
*BELLWAY RATED NEW BUY AT HSBC, PT 3840P
*BERKELEY RATED NEW BUY AT HSBC, PT 4290P
*BOVIS HOMES RATED NEW BUY AT HSBC, PT 1450P
*CREST NICHOLSON RATED NEW BUY AT HSBC, PT 800P
*DEUTSCHE BANK RATED NEW HOLD AT HSBC, PT EU20
*DRILLISCH RATED NEW NEUTRAL AT CREDIT SUISSE; PT EU40
*FRESENIUS MEDICAL RATED NEW BUY AT NOMURA, PT EU99
*FRESENIUS SE RATED NEW NEUTRAL AT NOMURA, EU67
*GALLIFORD TRY RATED NEW BUY AT HSBC, PT 1800P
*GN STORE NORD RATED NEW BUY AT NOMURA
*GRIFOLS RATED NEW BUY AT NOMURA, PT EU23
*HAYS RATED NEW BUY AT LIBERUM; PT 155P
*JULIUS BAER RATED NEW HOLD AT HSBC, PT CHF43
*MEDTRONIC RATED NEW BUY AT NOMURA, PT $86
*PAGEGROUP RATED NEW BUY AT LIBERUM; PT 470P
*PERSIMMON RATED NEW BUY AT HSBC, PT 2640P
*ROBERT WALTERS RATED NEW BUY AT LIBERUM; PT 470P
*SMITH & NEPHEW RATED NEW NEUTRAL AT NOMURA
*TAYLOR WIMPEY RATED NEW BUY AT HSBC, PT 210P
*UBS RATED NEW BUY AT HSBC, PT CHF20
*WACKER NEUSON CUT TO HOLD VS BUY AT BANKHAUS LAMPE
*WILLIAM DEMANT RATED NEW BUY AT NOMURA
>>> Call