>>> Up
* CompuGroup Raised to Buy at Baader Helvea; PT 72 euros
* Deliveroo Raised to Buy at Citi; PT 230 pence
* Dios Raised to Hold at Handelsbanken; PT 100 kronor
* FDJ Raised to Buy at Citi
* Ferguson Raised to Buy at HSBC; PT 13,625 pence
* Fortum Raised to Neutral at Goldman; PT 24.10 euros
* Hensoldt Raised to Overweight at JPMorgan; PT 22.50 euros
* Merck KGaA Raised to Neutral at UBS; PT 175 euros (+)
* QinetiQ Raised to Neutral at JPMorgan; PT 320 pence
* Telefonica Raised to Equal-Weight at Barclays; PT 4.20 euros
* Tenaris ADRs Raised to Overweight at Barclays; PT $32
>>> Down
* ABN AMRO GDRs Cut to Sell at Berenberg; PT 10 euros
* Aveva Cut to Underperform at Jefferies; PT 2,000 pence
* Befimmo Cut to Neutral at Oddo BHF; PT 47.50 euros (+)
* Ericsson Cut to Neutral at Citi; PT 100 kronor (+)
* Europris Cut to Sell at Carnegie; PT 47 kroner (+)
* Ferguson Cut to Hold at Jefferies; PT 12,374 pence
* Kahoot Cut to Hold at Kepler Cheuvreux; PT 30 kroner (+)
* Swiss Re Cut to Hold at Berenberg; PT 103 Swiss francs
* Wizz Air Cut to Add at AlphaValue/Baader
>>> Initiation
* AstraZeneca Rated New Buy at Stifel; PT 12,300 pence
* Ferrexpo Reinstated Hold at Peel Hunt; PT 155 pence
* Gooch & Housego Rated New Add at Numis; PT 1,150 pence (+)
* GSK Rated New Hold at Stifel; PT 1,700 pence
* Kingswood Rated New Corporate at Finncap; PT 39 pence (+)
* Novartis Rated New Hold at Stifel; PT 87 Swiss francs (+)
* Novo Nordisk Rated New Buy at Stifel; PT 715 kroner (+)
* Roche Rated New Buy at Stifel; PT 410 Swiss francs
* Sanofi Rated New Buy at Stifel; PT 120 euros
>>> Call
* Defense Stocks Upgraded on Fundamental Outlook Shift: JPMorgan (+)
* Telefonica Rating, Estimates Raised at Barclays After Results