>>> Up
* Accor Upgraded to Add at AlphaValue
* Iberdrola Upgraded to Add at AlphaValue
* Lagardere Upgraded to Overweight at Barclays; PT 30 Euros
* Lundin Petroleum Raised to Overweight at Barclays; PT 305 Kronor
* Panalpina Upgraded to Hold at Jefferies
* Telefonica Deutschland Raised to Overweight at Barclays
* Vinci Upgraded to Buy at SocGen; PT 100.70 Euros
*
>>> Down
* BT Downgraded to Equal-weight at Barclays; PT 2.80 Pounds
* Direct Line Downgraded to Neutral at JPMorgan; PT 4.30 Pounds
* Lundbeck Cut to Sell at DNB Markets; Price Target 330 Kroner
* Metro AG Downgraded to Equal-weight at Barclays; PT 12.50 Euros
* Moncler Downgraded to Hold at Jefferies
>>> Initiation
* Alfen Beheer BV Rated New Overweight at Barclays; PT 14 Euros
* Elkem Rated New Buy at ABG; PT 38 Kroner
* Frontier Developments Rated New Buy at Citi; PT 15.40 Pounds
* NIBC Rated New Buy at Citi; PT 10 Euros