>>> Up
* ACS Upgraded to Buy at AlphaValue (Yesterday)
* IAG Upgraded to Buy at AlphaValue
* Fresnillo Upgraded to Outperform at BMO; PT 16.50 Pounds
* Red Electrica Upgraded to Neutral at Goldman; PT 17 Euros
* Sacyr Upgraded to Buy at AlphaValue
* SES GDRs Raised to Equal-weight at Morgan Stanley
* Zardoya Upgraded to Add at AlphaValue
>>> Down
* Aeffe Downgraded to Neutral at MedioBanca
* Amplifon Downgraded to Neutral at MedioBanca
* Anima Downgraded to Neutral at MedioBanca
* BPER Banca Downgraded to Neutral at MedioBanca
* Cancom Downgraded to Hold at Berenberg; PT 94 Euros
* Centamin Downgraded to Hold at Arqaam Capital; PT 1.55 Pounds
* Centamin Downgraded to Neutral at Goldman (Yesterday)
* Enagas Downgraded to Sell at Goldman; PT 22 Euros
* Novartis Downgraded to Hold at HSBC; PT 79 Francs
* Ocado Downgraded to Equal-weight at Morgan Stanley
* Poste Italiane Downgraded to Neutral at MedioBanca
* Remy Cointreau Downgraded to Neutral at Natixis
* Schoeller-Bleckmann Cut to Hold at Raiffeisen Centrobank
* Snam Downgraded to Sell at Goldman; PT 3.40 Euros
* UBI Banca Downgraded to Neutral at MedioBanca
* Unieuro Downgraded to Neutral at MedioBanca
>>> Initiation
* JOST Werke Rated New Buy at Bankhaus Lampe; PT 48 Euros
>>> Call