>>> Up
* Ageas Upgraded to Overweight at JPMorgan; PT 48.39 Euros
* Axa Upgraded to Buy at Deutsche Bank
* Fincantieri Upgraded to Outperform at Mediobanca SpA
* Mitchells & Butlers Upgraded to Neutral at Citi
* Restaurant Group Upgraded to Hold at Berenberg
* Swiss Life Upgraded to Neutral at JPMorgan; PT 370 Francs
* Whitbread Upgraded to Neutral at Citi
* Whitbread Upgraded to Add at AlphaValue
>>> Down
* BAT Downgraded to Underperform at RBC
* ECMPA NA GDRs Cut to Add at Bank Degroof Petercam
* Imperial Brands Downgraded to Underperform at RBC
* InterContinental Downgraded to Sell at Citi
* J D Wetherspoon Downgraded to Sell at Citi
* Sipef Downgraded to Hold at Berenberg; PT 62 Euros
* Uniqa Downgraded to Neutral at JPMorgan; Price Target 9.80 Euros
* Vestas Downgraded to Hold at DNB Markets; PT 470 Kroner
>>> Initiation
>>> Call