>>> Up
* Credit Suisse Upgraded to Neutral at Macquarie
* Drillisch Upgraded to Buy at Goldman; PT 75 Euros
* Endesa Upgraded to Outperform at MainFirst; PT 21 Euros
* Munich Re Upgraded to Buy at SocGen
* Nordax Upgraded to Buy at SEB Equities; PT 52 Kronor
* Resurs Holding Upgraded to Buy at SEB Equities; PT 63 Kronor
* Shell Upgraded to Reduce at AlphaValue
* Swiss Re Upgraded to Hold at SocGen; PT 97 Francs
* Software AG Upgraded to Buy at Kepler Cheuvreux; PT 52 Euros
>>> Down
* Borussia Dortmund Cut to Neutral at Oddo BHF; PT 6.50 Euros
* EQS Group Cut to Hold at Quirin Bank AG; Price Target 60 Euros
* GEA Group Downgraded to Sell at Nord/LB; Price Target 35 Euros
* Jupiter Downgraded to Hold at HSBC; PT 6.10 Pounds
* Metro Downgraded to Sector Perform at RBC; PT C$44
* Shell Downgraded to Hold at HSBC
* SocGen Downgraded to Underperform at Macquarie
* Solocal Downgraded to Reduce at Kepler Cheuvreux; PT 80 Cents
* United Internet Downgraded to Neutral at Goldman; PT 62 Euros
>>> Initiation
* Altice Initiated at ABN Amro Bank With Buy; PT 16 Euros
* Rubis Initiated at William O'Neil & Co Incorporated With Buy
>>> Call