>>> Up
* Aareal Bank Upgraded to Buy at HSBC; PT 36 Euros
* BayWa Upgraded to Buy at LBBW; PT 27.50 Euros
* Befesa Upgraded to Overweight at JPMorgan; PT 44 Euros
* BT Upgraded to Buy at Goldman; PT 3.20 Pounds
* Carl Zeiss Meditec Raised to Buy at HSBC; Price Target 75 Euros
* Dassault Aviation Rasied to Buy From Hold at Deutsche Bank
* Faurecia Upgraded to Buy at Jefferies; PT 42 Euros
* K+S Upgraded to Buy at Baader Helvea
* Nokian Renkaat Raised to Buy at Jefferies; Price Target 32 Euros
* Svenska Handelsbanken Raised to Equal-weight at Barclays
* Swedbank Upgraded to Overweight at Barclays; PT 249 Kronor
>>> Down
* Apple Downgraded to Hold at HSBC; PT $200
* Aurubis Downgraded to Hold at Bankhaus Lampe; PT 50 Euros
* BAE Downgraded to Neutral at BofAML
* CaixaBank Downgraded to Sell at Goldman; PT 3.50 Euros
* Continental Downgraded to Hold at Jefferies; PT 145 Euros
* Krones Downgraded to Sell at Bankhaus Lampe; PT 62 Euros
* Nordic Semiconductor Downgraded to Hold at ABG; PT 33 Kroner
* SEB Downgraded to Equal-weight at Barclays; PT 110 Kronor
* Swiss Life Downgraded to Hold at Kepler Cheuvreux; PT 430 Francs
>>> Initiation
* Accor Rated New Outperform at RBC; PT 50 Euros
* ADP Initiate with Neutral at Exane BNP Paribas
* Aena Aeropuertos Initiate with Outperform at Exane BNP Paribas
* Atlantia Initiate with Outperform at Exane BNP Paribas
* Basic-Fit Rated New Underperform at RBC; PT 26 Euros
* Cineworld Rated New Outperform at RBC
* Eiffage Initiate with Outperform at Exane BNP Paribas
* EI Group Rated New Sector Perform at RBC; PT 1.85 Pounds
* EssilorLuxottica Rated New Hold at Equita; PT 126 Euros
* Ferrovial Initiate with Outperform at Exane BNP Paribas
* Ferrovial Resumed at Intermoney Valores With Hold
* Flughafen Initiate with Underperform at Exane BNP Paribas
* Getlink Initiate with Neutral at Exane BNP Paribas
* Greene King Rated New Outperform at RBC; PT 6 Pounds
* Gym Group PLC/The Rated New Outperform at RBC; PT 3.50 Pounds
* InterContinental Hotels Rated New Sector Perform at RBC
* J D Wetherspoon Rated New Underperform at RBC
* Kinepolis Rated New Sector Perform at RBC; PT 52 Euros
* Lookers Rated New Buy at Liberum
* Marston's Rated New Outperform at RBC; PT 1.20 Pounds
* Merlin Rated New Outperform at RBC; PT 3.75 Pounds
* Mitchells & Butlers Rated New Underperform at RBC
* Motorpoint group Rated New Buy at Liberum
* Novartis ADRs Rated New Hold at Spin-Off Research; PT $90
* Pendragon Rated New Hold at Liberum
* Vapiano Rated New Underperform at RBC; PT 6 Euros
* Vertu Motors Rated New Buy at Liberum
* Vinci Initiate with Neutral at Exane BNP Paribas
* Whitbread Rated New Sector Perform at RBC; PT 47 Pounds
>>> Call