>>> Up
* 3i Raised to Overweight at Morgan Stanley; PT 1,300 pence
* Autoliv GDRs Raised to Hold at ABG; PT 715 kronor
* Banco BPM Raised to Buy at HSBC; PT 2.30 euros
* FirstGroup Raised to Hold at HSBC; PT 130 pence
* Lufthansa Raised to Buy at Berenberg
* Probi Raised to Hold at SEB Equities; PT 220 kronor
* Raisio Rated New Buy at SEB Equities; PT 4.30 euros
* Repsol Raised to Outperform at RBC; PT 15.50 euros
* Ryanair Raised to Hold at Berenberg; PT 14 euros
* TUI Raised to Buy at HSBC; PT 1,040 pence
* Whitbread Raised to Buy at HSBC; PT 5,200 pence
* William Hill Raised to Buy at HSBC; PT 230 pence
>>> Down
* Barry Callebaut Cut to Equal-Weight at Barclays
* Flutter Cut to Reduce at HSBC; PT 8,100 pence
* Grainger Cut to Neutral at Citi; PT 314 pence
* Greggs Cut to Reduce at HSBC; PT 2,000 pence
* Grifols Cut to Reduce at HSBC; PT 27 euros
* ITM Power Cut to Hold at Panmure Gordon; PT 104 pence
* Lenzing PT Cut to 60 euros from 80 euros at Berenberg
* Marston's Cut to Reduce at HSBC; PT 90 pence
* Restaurant Group Cut to Hold at HSBC; PT 150 pence
* Spar Nord Cut to Sell at SEB Equities; PT 60 kroner
* Stagecoach Cut to Reduce at HSBC; PT 125 pence
* Zealand Pharma ADRs Cut to Neutral at Kempen & Co; PT $38
>>> Initiation
* Idorsia Rated New Neutral at Goldman; PT 30 Swiss francs
* Merus BV Rated New Buy at Kempen & Co; PT $21
* Ubisoft Rated New Buy at SocGen; PT 83 euros
>>> Call
* 3i Group Upgraded, Has Scope to Re-Rate, Morgan Stanley Says
* Ferragamo 4Q Sales in Line, But There Are Some Positives: MS
* Kone Already Priced in Some Thyssenkrupp Elevator Benefits: MS
* Lufthansa Top Europe Airline Pick, Ryanair Upgraded: Berenberg
* LVMH May Open Lower Given Stock Positioning Before 4Q Update: MS
* Repsol Double-Upgraded at RBC on Better Risk-Reward Than Peers
* Telia Shares Set to Outperform After Earnings: Handelsbanken