>>> Up
* Gemalto Upgraded to Add at AlphaValue
* Gas Natural Upgraded to Outperform at Credit Suisse; PT 21 Euros
* Melia Hotels Raised to Buy at Bankinter Securities
* National Grid Raised to Outperform at Macquarie; PT 9.90 Pounds
* Siemens Upgraded to Outperform at MainFirst; PT 130 Euros
* Snam Upgraded to Outperform at Credit Suisse; PT 4.60 Euros
* Voestalpine Upgraded to Buy at SocGen; PT 58.70 Euros
>>> Down
* AB Foods Downgraded to Sector Perform at RBC; PT 31 Pounds
* Alstria Office Downgraded to Hold at Bankhaus Lampe
* Buwog Downgraded to Hold at Commerzbank; PT 29 Euros
* Buwog Downgraded to Hold at Deutsche Bank
* Buwog Cut to Accept The Offer at Kepler Cheuvreux
* H&M Downgraded to Hold at DNB Markets; PT 175 Kronor
* Infineon Downgraded to Hold at Bankhaus Lampe
* Italgas Downgraded to Neutral at Credit Suisse
* Pandox Upgraded to Buy at DNB Markets; PT 170 Kronor
* Saga Downgraded to Sector Perform at RBC; PT 1.35 Pounds
>>> Initiation
* Iberpapel Gestion Resumed Buy at Intermoney Valores
>>> Call