>>> Up
* Metso Oyj Upgraded to Buy at Kepler Cheuvreux; PT 39 Euros
* MTG Upgraded to Equal-weight at Morgan Stanley; PT 100 Kronor
* NEL Upgraded to Buy at SpareBank; PT 10 Kroner
* Scatec Solar Upgraded to Buy at Kepler Cheuvreux; PT 120 Kroner
* Telefonica Upgraded to Outperform at Macquarie
* UBM Dev Upgraded to Buy at Raiffeisen Centrobank; PT 50 Euros
>>> Down
* Ashmore Downgraded to Neutral at BofAML
* Dustin Downgraded to Hold at ABG; PT 95 Kronor
* Encres Dubuit Downgraded to Add at Gilbert Dupont
* Enel Downgraded to Hold at Berenberg
* Grand City Properties Downgraded to Neutral at BofAML
>>> Initiation
* ArcelorMittal ADRs Rated New Outperform at Credit Suisse; PT $29
* Barratt Reinstated at Deutsche Bank With Hold; PT 6.48 Pounds
* Bellway Reinstated at Deutsche Bank With Buy; PT 35.38 Pounds
* Berkeley Reinstated at Deutsche Bank With Sell; PT 34.28 Pounds
* Bovis Homes Reinstated Hold at Deutsche Bank; PT 10.85 Pounds
* Crest Nicholson Reinstated Hold at Deutsche Bank; PT 3.71 Pounds
* EasyJet Downgraded to Reduce at Kepler Cheuvreux; PT 8.20 Pounds
* Glaxo Resumed at Citi With Neutral; PT 18.40 Pounds
* Huntsworth Rated New Outperform at RBC; PT 1.30 Pounds
* Knorr-Bremse Rated New Sell at Bankhaus Lampe; PT 72 Euros
* McCarthy & Stone Reinstated Hold at Deutsche Bank
* Persimmon Reinstated at Deutsche Bank With Buy; PT 23.86 Pounds
* Redrow Reinstated at Deutsche Bank With Buy; PT 7.28 Pounds
* Sanofi Rated New Outperform at Bernstein; PT 95 Euros
* Taylor Wimpey Reinstated Buy at Deutsche Bank; PT 1.87 Pounds
* ThyssenKrupp Resumed Equal-weight at Morgan Stanley
* Voestalpine Rated New Neutral at Credit Suisse; PT 25 Euros
>>> Call
* RWE Target Raised at Goldman, Wood Lags Oils: EU Energy Wrap
* Sanofi Becomes Bernstein's New Top Pick as Small Things Add Up
* Thyssenkrupp Restructuring Upside Huge, Risks Remain, MS Says