>>> Up
* Air France-KLM Raised to Buy at Kepler Cheuvreux, PT EU15.90
* Givaudan Raised to Neutral at MainFirst, PT CHF1,950
* Lukoil Raised to Overweight at Morgan Stanley, PT $56
* NCC Raised to Buy at Canaccord, PT 265p
* Publicis Raised to Neutral at Credit Suisse
* Sports Direct Raised to Neutral at Goldman, PT 350p
* Saint-Gobain Raised to Buy at HSBC
* Swatch Raised to Neutral at Exane
* Swedish Match Raised to Buy at Deutsche Bank
* UBM Raised to Buy at Goldman, PT 845p
>>> Down
* Acacia Mining Cut to Hold at SBG Securities, PT GBP2.65
* Acerinox Cut to Sell at Citi
* BPER Banca Cut to Hold at Kepler Cheuvreux, PT EU5
* Gemalto Cut to Sell at SocGen, PT EU48
* Gemalto Cut to Reduce at Natixis
* IAG Cut to Hold at Kepler Cheuvreux, PT EU6.90
* Iberdrola Cut to Hold at Independent Research, PT EU7.60
* Neinor New Buy at SocGen, PT EU24
* Peugeot Cut to Hold at HSBC
* Rocket Internet Cut to Equal-weight at Barclays
* SCA Cut to Hold at SEB Equities
>>> Initiation
* Balta Group New Buy at ING, PT EU17
* Balta Group New Overweight at Barclays, PT EU13
* Metro Bank New Sell at Investec, PT 3,450p
* Scout24 New Hold at M.M. Warburg, PT EU36
* Valneva New Buy at Kepler Cheuvreux, PT EU3.30