>>> Up
* Freenet Upgraded to Hold at Berenberg
* Total Upgraded to Outperform at RBC; PT 60 Euros
* Viscofan Upgraded to Hold at Santander; PT 54 Euros
* Wendel Upgraded to Buy at AlphaValue
>>> Down
* Air France-KLM Cut to Equal-weight at Morgan Stanley
* Beiersdorf Downgraded to Neutral at MainFirst; PT 95 Euros
* DEFAMA AG Cut to Hold at SRC Research; Price Target 15.20 Euros
* EssilorLuxottica Cut to Equal-weight at Morgan Stanley
* ICADE Downgraded to Underweight at Barclays; PT 67 Euros
* Meggitt Downgraded to Neutral at JPMorgan; PT 5.85 Pounds
* Metro Bank Downgraded to Market Perform at KBW; PT 12.50 Pounds
* Moncler Downgraded to Hold at HSBC; Price Target 37 Euros
* Munich Re Cut to Neutral at Goldman; Price Target 215 Euros
* Shell Downgraded to Sector Perform at RBC
* Smurfit Kappa Downgraded to Hold at Goodbody
* Stockmann Downgraded to Sell at SEB Equities; PT 1.70 Euros
* Tullow Downgraded to Hold at Jefferies
>>> Initiation
* Tenaris ADR Maintained at Stifel With Buy; PT $36
* Unicaja Banco Rated New Buy at Berenberg; PT 1.30 Euros
>>> Call