>>> Up
* Air Liquide Upgraded to Add at AlphaValue
* Axfood Upgraded to Hold at Kepler Cheuvreux; PT 160 Kronor
* BBVA Upgraded to Buy at Citi; PT Set to 5.75 Euros
* Dassault Aviation Upgraded at Berenberg on Business Jet Outlook
* Fortum Upgraded to Buy at SEB Equities; PT 22 Euros
* Fresnillo Upgraded to Buy at BTG; PT 12.36 pounds
* Hawesko Upgraded to Buy at DZ Bank; PT 52 Euros
* KWS Saat Upgraded to Buy at DZ Bank; PT 330 Euros
* Novozymes Raised to Buy at SEB Equities; Price Target 350 Kroner
* Ponsse Upgraded to Buy at Carnegie; Price Target 31.30 Euros
* Rolls-Royce Upgraded to Buy at Oddo BHF; PT 11.20 Pounds
* Sartorius Upgraded to Outperform at MainFirst; PT 145 Euros
* Segro Upgraded to Add at AlphaValue
* Spie Upgraded to Hold at HSBC; PT 14 Euros
* Wartsila Upgraded to Buy at Carnegie; PT 15 Euros
>>> Down
* Orion Downgraded to Reduce at Inderes; PT 32 Euros
* Rio Tinto Downgraded to Hold at SocGen; PT 38.30 Pounds
* STMicroelectronics ADRs Downgraded to Underperform at Baird
* Telia Downgraded to Underweight at Barclays; PT 38 Kronor
* Valeo Downgraded to Neutral at MainFirst; PT 35 Euros
>>> Initiation
* Axel Springer Rated New Hold at GSC Research; PT 62 Euros
* *PHILIPS NAMED A NEW S-T CATALYST BUY AT DEUTSCHE BANK (EARLIER)
>>> Call