>>> Up
*DNO RAISED TO BUY VS NEUTRAL AT GOLDMAN
*NORSK HYDRO RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*SWATCH GROUP RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*TECNICAS REUNIDAS RAISED TO BUY VS NEUTRAL AT GOLDMAN
*TELIASONERA RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*VOLVO RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
*VONTOBEL RAISED TO BUY VS NEUTRAL AT CITI
*WEIR RAISED TO BUY VS NEUTRAL AT CITI
>>> Down
*BHP BILLITON CUT TO HOLD VS BUY AT MORNINGSTAR
*BP CUT TO SELL VS NEUTRAL AT GOLDMAN
*COMPASS GROUP CUT TO REDUCE VS NEUTRAL AT ODDO
*CREDIT AGRICOLE CUT TO NEUTRAL VS BUY AT NOMURA
*ESSENTRA CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*GALP CUT TO NEUTRAL VS BUY AT GOLDMAN
*GAZPROM CUT TO NEUTRAL VS BUY AT GOLDMAN
*GEA CUT TO NEUTRAL VS BUY AT CITI
*GLANBIA CUT TO HOLD VS BUY AT RABOBANK
*GTE CUT TO SELL VS NEUTRAL AT GOLDMAN
*LAIRD CUT TO NEUTRAL VS BUY AT UBS
*OMV CUT TO NEUTRAL VS BUY AT GOLDMAN
*PREMIER OIL CUT TO SELL VS NEUTRAL AT GOLDMAN
*PROSAFE CUT TO SELL VS NEUTRAL AT GOLDMAN
*SIG CUT TO NEUTRAL VS BUY AT UBS
*STATOIL CUT TO SELL VS NEUTRAL AT GOLDMAN
*SUBSEA 7 CUT TO SELL VS NEUTRAL AT GOLDMAN
*SWISSCOM CUT TO EQUALWEIGHT AT BARCLAYS
*TGS NOPEC CUT TO NEUTRAL VS BUY AT GOLDMAN
>>> PT Changes
>>> Initiation
*EURONAV RATED NEW OVERWEIGHT AT JPMORGAN, PT $17
*P2P GLOBAL INVESTMENTS RATED NEW HOLD AT JEFFERIES
>>> Call
>> Stock
*SAIPEM REMOVED FROM GOLDMAN CONVICTION BUY LIST, STAYS BUY
*VOLVO ADDED TO CITI FOCUS LIST EUROPE
>> Sector
*EUROPE E&P SECTOR CUT TO NEUTRAL VS ATTRACTIVE AT GOLDMAN
*EUROPE OIL INTEGRATEDS SECTOR CUT TO CAUTIOUS AT GOLDMAN