>>> Up
* Allianz Upgraded to Buy at SocGen; PT 215 Euros
* Duerr Upgraded to Buy at DZ Bank; PT 50 Euros
* Ferrari Upgraded to Buy at HSBC
* Scor Upgraded to Overweight at JPMorgan; Price Target 42 Euros
* Stroeer Upgraded to Buy at HSBC; PT 72 Euros
* United Internet Upgraded to Buy at Kepler Cheuvreux; PT 56 Euros
>>> Down
* Brunello Cucinelli Downgraded to Hold at Jefferies; PT 39 Euros
* Greenyard Downgraded to Hold at Berenberg
* Inditex Downgraded to Underweight at Morgan Stanley; PT 21 Euros
* Pharmagest Inter@ctive Downgraded to Add at Gilbert Dupont
* VTB GDRs Downgraded to Underweight at Morgan Stanley; PT $1.10
>>> Initiation
* Adler Real Estate Rated New Buy at Deutsche Bank; PT 20 Euros
* Capital & Regional Rated New Buy at Berenberg; PT 60 Pence
* Chemring Group Rated New Market Perform at Raymond James
* Givaudan Rated New Overweight at Morgan Stanley; PT 2,600 Francs
* GVC Rated New Overweight at Morgan Stanley; PT 13.30 Pounds
* Intu Rated New Buy at Berenberg; PT 2.30 Pounds
* Symrise Reinstated Equal-weight at Morgan Stanley; PT 75 Euros
>>> Call