>>> Up
* AstraZeneca Upgraded to Buy at Jefferies
* Axel Springer Upgraded to Reduce at AlphaValue
* Carrefour Upgraded to Hold at Deutsche Bank
* Munich Re Upgraded to Overweight at JPMorgan
* Rotork Upgraded to Buy at Peel Hunt; PT 3.25 Pounds
* RWE Raised to Outperform at Credit Suisse; PT Set to 22.70 Euros
* SGS Upgraded to Add at AlphaValue
* Swatch Upgraded to Overweight at Morgan Stanley; PT 475 Francs
* Unilever GDRs Upgraded to Neutral at Goldman
* WPP Upgraded to Buy at Pivotal
>>> Down
* Close Brothers Downgraded to Hold at Berenberg
* Dometic Cut to Underweight at Morgan Stanley; PT 77 Kronor
* MLC LN Cut to Underperform at Credit Suisse; PT 4.72 Pounds
* Neinor Downgraded to Hold at Deutsche Bank
* Pernod Ricard Downgraded to Neutral at Goldman
* Scor Downgraded to Neutral at JPMorgan
* Sunrise Downgraded to Sell at Citi
>>> Initiation
* Lonza Rated New Buy at Kepler Cheuvreux; PT 284 Francs
* Metrovacesa SA/Old Rated New Buy at Deutsche Bank
* PARAGON ID Rated New Hold at Kepler Cheuvreux; PT 1.30 Euros
>>> Call