>>> Up
* Bilia Upgraded to Buy at Handelsbanken; Price Target 87 Kronor
* Burberry Upgraded to Market Perform at Bernstein
* Maersk Upgraded to Accumulate at Fearnley; PT 8,100 Kroner
* Nokian Renkaat Upgraded to Buy at ABG; Price Target 32 Euros
* Nordex Upgraded to Buy at Nord/LB; PT 16 Euros
* Norsk Hydro Upgraded to Overweight at JPMorgan; PT 45 Kroner
* Swiss Re Upgraded to Neutral at Mediobanca SpA; PT 95 Francs
>>> Down
* Cewe Stiftung Cut to Hold at GSC Research; Price Target 90 Euros
* ElringKlinger Cut to Underperform at MainFirst; PT 4.40 Euros
* Hypoport Downgraded to Hold at Pareto Securities; PT 200 Euros
* Leoni Downgraded to Sell at Bankhaus Lampe
* Orkla Downgraded to Neutral at SpareBank; Price Target 80 Kroner
* Ryanair Downgraded to Neutral at JPMorgan; PT 11.30 Euros
* Wendel Downgraded to Hold at HSBC; PT 139 Euros
>>> Initiation
*
* Atlas Copco Rated New Outperform at RBC; PT 325 Kronor
* BioMerieux Rated New Outperform at MainFirst; PT 82 Euros
* Bucher Rated New Sector Perform at RBC; PT 340 Francs
* Adevinta Rated New Buy at SEB Equities; PT 93 Kroner
* Moncler Rated New Outperform at Macquarie; PT 42 Euros
* Network International Holdings Rated New Buy at Citi
* Network International Holdings Rated New Overweight at Barclays
* Network International Holdings Rated New Buy at Goldman
* NETW LN Rated New Equal-weight at Morgan Stanley
* Network International Holdings Rated New Neutral at JPMorgan
* Rational Rated New Underperform at RBC; PT 475 Euros
* Sandvik Rated New Sector Perform at RBC; PT 175 Kronor
* Sesa Rated New Outperform at Mediobanca SpA; PT 40 Euros
* SKF Rated New Outperform at RBC; PT 200 Kronor
* VAT Rated New Underperform at RBC; PT 100 Francs
* Vicat Rated New Neutral at Citi; PT 45 Euros
* WDP Rated New Overweight at Morgan Stanley; PT 175 Euros
>>> Call
* Atlas Copco, SKF Favored as RBC Initiates on Capital Goods Firms