>>> Up
*Axel Springer Raised to Buy at HSBC, PT EU52
*Grenke Raised to Buy at HSBC, PT EU175
*Michelin Raised to Neutral at BofAML
*Osram Raised to Buy at UBS, PT EU55
*UBM Raised to Add at Peel Hunt
>>> Down
*BBVA Cut to Hold at Fidentiis Equities, PT EU6.95
*BMW Cut to Equal-Weight at Morgan Stanley, PT EU81
*H&M Cut to Underperform at Credit Suisse, PT SEK224
*Saipem Cut to Neutral at Mediobanca
>>> PT Change
>>> Initiation
*Grenke Raised to Buy at HSBC, PT EU175
*Italgas Rated New Overweight at Barclays, PT EU4
>>> Call