>>> Up
*Aurubis Raised to Outperform at Credit Suisse
*NH Hotel Group Raised to Buy at SocGen, PT EU5.40
*Vallourec Raised to Reduce at AlphaValue
*Vopak Raised to Buy at ABN Amro Bank, PT EU45
>>> Down
*ALM BRAND Cut to Hold at SEB Equities, PT DKK62
*Brenntag Cut to Hold at Berenberg, PT EU56
*Drax Cut to Underweight at Morgan Stanley, PT 325p
*Fresenius Medical Cut to Hold at SocGen, PT EU86
*Genmab Cut to Hold at SEB Equities, PT DKK1500
*Lavendon Group Cut to Hold at Panmure Gordon & Co, PT 270p
*Nordex Cut to Underweight at Barclays
*Nordex Cut to Underperform at Macquarie
*Peugeot Cut to Equal-Weight at Barclays
*ProSieben Cut to Neutral at Macquarie, PT EU40
*Salzgitter Cut to Underperform at Credit Suisse, PT EU35
*Starbreeze Cut to Hold at SEB Equities, PT SEK19
*Swatch Cut to Sell at Berenberg, PT CHF295
*Swedbank Cut to Hold at Jefferies, PT SEK235
*Tomra Cut to Sell at Fondsfinans, PT NOK80
*Tomra Cut to Hold at Arctic Securities, PT NOK100
*Zurich Ins. Cut to Underperform at Jefferies, PT CHF236
>>> Initiation
*Banco Popular Rated New Sell at SocGen, PT EU0.62
*Bankia Rated New Sell at SocGen, PT EU0.79
*Bankinter Rated New Buy at SocGen, PT EU8.40
*BBVA Rated New Sell at SocGen
*CaixaBank Rated New Buy at SocGen, PT EU4
*Sabadell Rated New Buy at SocGen, PT EU1.77
*Santander Rated New Buy at SocGen