>>> Up
* Fraport Upgraded to Buy at HSBC; PT 77 Euros
* Novozymes Raised to Neutral at JPMorgan; Price Target 275 Kroner
* Siemens Healthineers Upgraded to Buy at DZ Bank; PT 39 Euros
* Uniper Upgraded to Neutral at JPMorgan; PT Set to 22.50 Euros
* Vopak Upgraded to Buy at HSBC; PT 52 Euros
>>> Down
* AK Steel Downgraded to Neutral at Longbow
* Allergan Downgraded to Sector Perform at RBC; PT $165
* CVS Group Downgraded to Sector Perform at RBC; PT 6 Pounds
* Suez Downgraded to Underweight at Morgan Stanley; PT 10.70 Euros
* Telia Downgraded to Hold at Pareto Securities; PT 43 Kronor
* Voestalpine Downgraded to Hold at Baader Helvea; PT 30 Euros
* Whirlpool Downgraded to Underperform at RBC; Price Target $111
* Zalando Downgraded to Reduce at Commerzbank
>>> Initiation
* Airbus Rated New Outperform at MainFirst; PT 120 Euros
* ALD Rated New Buy at Oddo BHF; PT 15.70 Euros
* BIC Rated New Neutral at MainFirst; PT 85 Euros
* Danone Rated New Buy at SocGen; PT 80 Euros
* Dassault Aviation Rated New Outperform at MainFirst
* Meggitt Rated New Neutral at MainFirst; PT 5.20 Pounds
* MTU Aero Rated New Neutral at MainFirst; PT 190 Euros
* Nestle Reinstated at SocGen With Buy; PT 95 Francs
* Pennon Rated New Equal-weight at Barclays; PT 8.20 Pounds
* Rolls-Royce Rated New Outperform at MainFirst; PT 11 Pounds
* Safran Rated New Neutral at MainFirst; PT 115 Euros
* Senior Rated New Outperform at MainFirst; PT 2.70 Pounds
* Severn Trent Rated New Equal-weight at Barclays
* Unilever GDRs Rated New Sell at SocGen; PT 43 Euros
* United Utilities Rated New Equal-weight at Barclays
>>> Call
* EDF Valuation High, Even With Carbon Transformation: Berenberg
* Suez Valuation Premium ‘Overdone,’ Rating Cut: Morgan Stanley