>>> Up
* Altran Raised to Buy at Kepler Cheuvreux; Price Target 10 Euros
* Banco BPM Upgraded to Hold at Berenberg
* DSV Upgraded to Neutral at Goldman; PT 583 Kroner
* Inditex Upgraded to Top Pick at RBC
* Michelin Upgraded to Overweight at Morgan Stanley; PT 120 Euros
* Telefonica Deutschland Raised to Neutral at Goldman
>>> Down
* Befesa Downgraded to Neutral at JPMorgan; PT 46 Euros
* BillerudKorsnas Cut to Hold at SEB Equities; PT 120 Kronor
* Ferguson Downgraded to Neutral at JPMorgan; PT 63.50 Pounds
* Finnair Downgraded to Reduce at Inderes; PT 7.25 Euros
* FinLab Reinstated at Edison With Corporate
* Lufthansa Downgraded to Reduce at AlphaValue
* NRC Downgraded to Hold at DNB Markets; PT 75 Kroner
* Sandvik Downgraded to Underweight at Barclays; PT 145 Kronor
* SKF Downgraded to Underweight at Barclays; PT 155 Kronor
* Swisscom Downgraded to Hold at Jefferies
* Veidekke Downgraded to Hold at DNB Markets; PT 95 Kroner
* WH Smith Downgraded to Outperform at RBC
>>> Initiation
* ConvaTec Rated New Buy at Jefferies; PT 2.80 Pounds
* Countrywide Reinstated at Peel Hunt With Hold
* ID Logistics Group Rated New Buy at Kepler Cheuvreux
* SolGold Rated New Buy at Liberum; PT 69 Pence
* Solvay Rated New Buy at Jefferies; PT 151 Euros
>>> Call