>>> Up
* Bakkafrost Upgraded to Neutral at SpareBank; PT 430 Kroner
* Mercialys Upgraded to Buy at HSBC
* Nexans Upgraded to Buy at HSBC
* Novartis Upgraded to Buy at Goldman
* Novo Nordisk Upgraded to Overweight at JPMorgan; PT 340 Kroner
* Oerlikon Upgraded to Buy at SocGen; PT 15.50 Francs
* Tele2 Upgraded to Buy at Berenberg
>>> Down
* Arkema Downgraded to Sell at Goldman; PT 85 Euros
* Bpost Downgraded to Hold at HSBC
* Scottish Salmon Co Plc/The Cut to Neutral at SpareBank
* Wacker Chemie Downgraded to Neutral at MainFirst; PT 102 Euros
>>> Initiation
* Aena Rated New Sell at Citi
* Aeroports de Paris Rated New Sell at Citi
* Eiffage Rated New Buy at Citi
* Ferrovial Rated New Neutral at Citi
* Fraport Rated New Neutral at Citi
* Getlink Rated New Sell at Citi
* Vinci Rated New Buy at Citi
* Wacker Neuson Rated New Outperform at MainFirst; PT 24 Euros
* Westwing Group Rated New Buy at Citi
* Zurich Airport Rated New Sell at Citi
>>> Call