>>> Up
* AMS Upgraded to Overweight at Morgan Stanley; PT 125 Francs
* Evotec Upgraded to Buy at Bankhaus Lampe
* Inmarsat Upgraded to Hold at Berenberg
* Michelin Upgraded to Buy at Jefferies
* Northgate Upgraded to Hold at Berenberg
* UBM Upgraded to Overweight at JPMorgan; PT 8.38 Pounds
>>> Down
* Airbus Downgraded to Sell at Nord/LB; Price Target 75 Euros
* Glaxo Downgraded to Reduce at New Street Research
* Informa Downgraded to Neutral at JPMorgan; PT 7.90 Pounds
* LafargeHolcim Cut From Europe Super Ten After Downgrade: HSBC
* Lundin Petroleum Cut to Equal-weight at Barclays; PT 210 Kronor
* Lundin Petroleum Cut to Hold at DNB Markets; PT 215 Kronor
* Marine Harvest Cut to Sell at Arctic Securities; PT 150 Kroner
* Nokian Renkaat Downgraded to Underperform at Jefferies
* Norma Cut to Hold at Kepler Cheuvreux; Price Target 59 Euros
* Worldline Downgraded to Neutral at Citi
>>> Initiation
* Monte Paschi Reinstated Underperform at Credit Suisse
* Pirelli Initiated at Jefferies With Hold; PT 7 Euros
* Sophos Initiated at Jefferies With Buy; PT 8.50 Pounds
* UBI Banca Reinstated Outperform at Credit Suisse; PT 5.15 Euros
* UniCredit Reinstated Neutral at Credit Suisse; PT 18.60 Euros
>>> Call