>>> Up
*ALSTOM RAISED TO BUY VS NEUTRAL AT GOLDMAN
*BURBERRY RAISED TO BUY VS NEUTRAL AT BOFAML
*CREDIT AGRICOLE RAISED TO NEUTRAL VS UNDERPERFORM AT BOFAML
*CRODA INTERNATIONAL RAISED TO BUY AT JEFFERIES
*DEUTSCHE POST DHL RAISED TO ADD VS REDUCE AT ALPHAVALUE
*ENDESA RAISED TO BUY AT KEPLER CHEUVREUX
*GAZPROM NEFT RAISED TO BUY VS HOLD AT RENAISSANCE CAPITAL
*GENEL RAISED TO BUY VS HOLD AT LIBERUM
*K+S RAISED TO BUY AT BAADER-HELVEA
*KBC RAISED TO BUY VS NEUTRAL AT BOFAML
*MAGNIT RAISED TO OUTPERFORM VS UNDERPERFORM AT CREDIT SUISSE
*MERLIN ENTERTAINMENTS RAISED TO NEUTRAL AT JPMORGAN
*OPHIR RAISED TO HOLD VS SELL AT LIBERUM
*PATTERSON-UTI ENERGY RAISED TO OVERWEIGHT AT PIPER JAFFRAY
*PETROFAC RAISED TO BUY AT JEFFERIES
*ROYAL DUTCH SHELL RAISED TO BUY VS HOLD AT LIBERUM
>>> Down
*ABN AMRO CUT TO NEUTRAL VS BUY AT BOFAML
*ADMIRAL GROUP CUT TO ’UNDERWEIGHT’ AT BARCLAYS
*AEGON CUT TO UNDERWEIGHT AT BARCLAYS
*ALDERMORE CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*AMUNDI CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*CNP ASSURANCES CUT TO REDUCE AT HSBC
*DUFRY CUT TO UNDERWEIGHT AT JPMORGAN
*ELECTROCOMPONENTS CUT TO UNDERPERFORM VS NEUTRAL: CREDIT SUISSE
*EULER HERMES CUT TO REDUCE AT HSBC
*GJENSIDIGE FORSIKRING CUT TO ’UNDERWEIGHT’ AT BARCLAYS
*HEARTWARE INTERNATIONAL CUT TO EQUALWEIGHT AT BARCLAYS
*HENDERSON CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*HEINEKEN CUT TO HOLD AT HSBC
*IAG CUT TO REDUCE AT INTERMONEY VALORES; WAS UNDER REVIEW
*LEGAL & GENERAL CUT TO EQUALWEIGHT AT BARCLAYS
*LEONARDO-FINMECCANICA SP CUT TO NEUTRAL AT JPMORGAN
*LLOYDS CUT TO HOLD AT SANTANDER
*PARAGON CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*RICHEMONT CUT TO HOLD VS BUY AT HSBC
*RICHEMONT CUT TO NEUTRAL VS BUY AT GOLDMAN
*SWATCH CUT TO REDUCE VS HOLD AT HSBC
*TOD’S CUT TO HOLD VS BUY AT HSBC
*TULLOW OIL CUT TO SELL VS HOLD AT LIBERUM
*UNIPOL CUT TO ’EQUALWEIGHT’ AT BARCLAYS
*WHITBREAD CUT TO NEUTRAL AT JPMORGAN
>>> PT Change
>>> Initiation
*BILIA RATED NEW BUY AT NORDEA
*ENEL RATED NEW BUY AT ODDO SEYDLER, PT EU5.05
*NATIXIS RATED NEW SELL AT BERENBERG; PT EU3
*RIVERSTONE ENERGY LTD RATED NEW OVERWEIGHT AT JPMORGAN
>>> Call