>>> Up
* Alfa Laval Upgraded to Buy at Kepler Cheuvreux
* Hermes International Upgraded to Hold at HSBC; PT 525 Euros
* Krones Upgraded to Buy at Kepler Cheuvreux; PT 127 Euros
* UniCredit Upgraded to Overweight at Morgan Stanley
* Wartsila Upgraded to Buy at Kepler Cheuvreux
>>> Down
* AF Downgraded to Accumulate at Handelsbanken; PT 215 Kronor
* Autoliv Downgraded to Accumulate at Handelsbanken; PT $115
* Hastings Downgraded to Neutral at JPMorgan; PT 3.15 Pounds
* Link Mobility Cut to Hold at Kepler Cheuvreux; PT 225 Kroner
* Osram Downgraded to Hold at Berenberg
* Pernod Ricard Cut to Hold at Jefferies; Price Target 150 Euros
* Playtech Downgraded to Equal-weight at Morgan Stanley
* Unicaja Banco Cut to Equal-weight at Morgan Stanley
>>> Initiation
* Arkema Reinstated at HSBC With Buy; PT 118 Euros
* Colonial Rated New Overweight at Barclays; PT 11 Euros
* Covestro Reinstated at HSBC With Buy; PT 107 Euros
* DSM Reinstated at HSBC With Hold; PT 93 Euros
* Evonik Reinstated at HSBC With Reduce; PT 26 Euros
* GB Group Rated New Buy at Jefferies; PT 7 Pounds
* HolidayCheck Rated New Buy at Berenberg; PT 4.60 Euros
* Intesa Resumed at Morgan Stanley With Equal-weight
* Lanxess Reinstated at HSBC With Buy; PT 85 Euros
* Merlin Rated New Equal-weight at Barclays; PT 13 Euros
* Software AG Rated New Hold at Berenberg; PT 44 Euros
>>> Cal
>> Stock
* GrandVision Preferred To Fielmann in Eyewear Retail: Berenberg