>>> Up
* Banca Sistema Raised to Buy at Banca Akros (ESN); PT 2.20 euros (+)
* Danone Raised to Hold at Berenberg; PT 52 euros
* Deliveroo Raised to Buy at Berenberg; PT 140 pence (+)
* Melia Hotels Raised to Buy at Intermoney Valores; PT 7 euros
>>> Down
* Babcock Cut to Reduce at Numis; PT 270 pence
* Bilia Cut to Hold at Kepler Cheuvreux; PT 165 kronor (+)
* Cherry Cut to Neutral at Oddo BHF; PT 10.38 euros (+)
* Fevertree Drinks Cut to Equal-Weight at Barclays; PT 1,000 pence
* Fevertree Drinks Cut to Reduce at HSBC; PT 800 pence
* Gamma Communications Cut to Underperform at Oddo BHF
* GSK Cut to Reduce at AlphaValue/Baader
* Henkel Cut to Sell at Berenberg; PT 50 euros
* Hotel Chocolat Cut to Hold at Peel Hunt; PT 175 pence (+)
* Neoen Cut to Underweight at Morgan Stanley; PT 35 euros
* THG PLC Cut to Equal-Weight at Barclays; PT 100 pence (+)
* UBS Group Cut to Underweight at Barclays on Buyback Concerns
* United Internet Cut to Neutral at Oddo BHF; PT 30 euros
* Voltalia Cut to Equal-Weight at Morgan Stanley; PT 22 euros
>>> Initiation
* Breedon Rated New Buy at Stifel; PT 80 pence
* Deutsche Telekom Reinstated Outperform at Oddo BHF; PT 23 euros
* Julius Baer Rated New Equal-Weight at Barclays
* Telecom Italia Reinstated Outperform at Oddo BHF
* Telefonica Reinstated Underperform at Oddo BHF; PT 4.80 euros
* Vodafone Reinstated Neutral at Oddo BHF; PT 140 pence
>>> Call
* Cboe Double-Upgraded at MS With Higher Volatility a Tailwind
* Henkel Cut at Berenberg in Food/HPC, Danone Raised (+)
* Hugo Boss PT Lifted at RBC on Potential for Margin Improvements
* Neoen, Voltalia Cut; MS Turns Selective on Pure-Play Renewables
* SGS Organic Growth Likely to Provide Reassurance, Citi Says (+)
* Swedbank 2Q Strong NII Performance, Lower Impairments: Jefferies (+)
* Watch Remy Cointreau, Heineken as Citi Sees 2Q FX Tailwinds
* Wise Update is Well Ahead of Expectations, Morgan Stanley Says (+)
* Zurich Airport Less Exposed to Disruption, Raised to Buy at Citi