>>> Up
*AGRANA RAISED TO NEUTRAL VS SELL AT GOLDMAN SACHS
*AMEC FOSTER WHEELER RAISED TO NEUTRAL AT MACQUARIE
*ARYZTA RAISED TO BUY VS HOLD AT SOCGEN
*BNP PARIBAS RAISED TO OUTPERFORM VS NEUTRAL AT MACQUARIE
*DEUTSCHE BOERSE RAISED TO OVERWEIGHT VS UNDERWEIGHT AT BARCLAYS
*DSM RAISED TO BUY VS HOLD AT LIBERUM
*EURONAV RAISED TO BUY FROM HOLD AT ING; PT RAISED TO EU14
*HEIDELBERGCEMENT RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*PERNOD RICARD RAISED TO BUY VS NEUTRAL AT GOLDMAN SACHS
*RWE RAISED TO SECTOR PERFORM AT RBC CAPITAL
>>> Down
*BBA AVIATION CUT TO SECTOR PERFORM VS OUTPERFORM AT RBC
*SANTANDER CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*PFEIFFER VACUUM CUT TO HOLD AT KEPLER CHEUVREUX
*URALKALI CUT TO SELL VS NEUTRAL AT GOLDMAN SACHS
>>> PT change
>>> Initiation
*AB-INBEV RATED NEW BUY AT UBS
*BRITVIC RATED NEW BUY AT UBS
*CAMPARI RATED NEW SELL AT UBS, PT EU6
*CARLSBERG RATED NEW NEUTRAL AT UBS
*COCA-COLA HBC RATED NEW SELL AT UBS
*DIAGEO RAISED TO BUY VS NEUTRAL AT UBS
*HEINEKEN RATED NEW BUY AT UBS, PT EU88
*MEDIASET REINITIATED AT HOLD AT LIBERUM; PT EU4.2
*PEARSON REINSTATED BUY AT CITI, PT 1,425P
*PERNOD RICARD RATED NEW BUY AT UBS, PT EU118
*REMY COINTREAU RATED NEW NEUTRAL AT UBS
*SABMILLER RATED NEW NEUTRAL AT UBS
>>> Call
>> Stock
*AGRANA REMOVED FROM GOLDMAN SACHS PAN-EUROPE SELL LIST
*BBVA, AAREAL REMOVED FROM KEPLER CHEUVREUX MOST PREFERRED BANKS
*EFG, COMMERZBANK, BAER ADDED TO KEPLER LEAST PREFERRED BANKS
*OXFORD INSTRUMENTS REPLACES RENOLD IN NUMIS TOP PICKS PORTFOLIO
*MELROSE, TULLOW OIL, MICRO FOCUS ADDED TO NUMIS TOP PICKS
*SEB, UBS ADDED TO KEPLER CHEUVREUX MOST PREFERRED BANKS