>>> Up
* Acea Upgraded to Buy at Equita SIM; PT 16.80 Euros
* Barclays ADRs Upgraded to Neutral at Macquarie
* BASF Upgraded to Market Perform at Bernstein
* Fortum Upgraded to Buy at DNB Markets; PT 19.80 Euros
* Lloyds ADRs Downgraded to Underperform at Macquarie
* Mediclinic Upgraded to Buy at Jefferies; PT 6.16 Pounds
* RTL Upgraded to Outperform at Exane; PT 75 Euros
* Stagecoach Upgraded to Buy at HSBC; PT 1.95 Pounds
>>> Down
* Lundin Mining Downgraded to Hold at Canaccord; PT C$9
* RBS Downgraded to Neutral at Macquarie
* Salzgitter Downgraded to Hold at Bankhaus Lampe
* SocGen Downgraded to Hold at Independent Research; PT 48 Euros
* Terna Downgraded to Underweight at JPMorgan; PT 4.75 Euros
* Thomas Cook Downgraded to Sell at Berenberg
>>> Initiation
* Reply Rated New Neutral at MedioBanca; PT 48.80 Euros
* SMCP Rated New Hold at HSBC; PT 21.50 Euros
* SMCP Rated New Neutral at JPMorgan; PT 22.50 Euros
* SMCP Rated New Hold at SocGen; PT 21.90 Euros
* Standard Chartered Rated New Neutral at Macquarie
>>> Call