>>> Up
* Hellenic Telecom Upgraded to Hold at Berenberg
* Mediaset Upgraded to Buy at Goldman
* NN Upgraded to Overweight at Morgan Stanley; PT 43.50 Euros
* Pagegroup Upgraded to Outperform at RBC; PT 6.40 Pounds
>>> Down
* Ahold Delhaize Cut to Equal-weight at Barclays; PT 19 Euros
* Air France-KLM Downgraded to Neutral at Davy
* ASR Nederland Cut to Equal-weight at Morgan Stanley; PT 36 Euros
* Ceconomy Downgraded to Market Perform at Raymond James
* Continental Downgraded to Market Perform at Bernstein
* Innogy Downgraded to Sell at SocGen; PT 28.20 Euros
* Panalpina Downgraded to Neutral at Davy
* Sainsbury Downgraded to Neutral at Credit Suisse; PT 2.75 Pounds
>>> Initiation
* Altice Rated New Neutral at Natixis; PT 9.10 Euros
* Systemair Rated New Buy at Kepler Cheuvreux; PT 137 Kronor