>>> Up
* Eramet Upgraded to Buy from Neutral at Oddo, PT €100
* H&M Upgraded to Reduce at AlphaValue
* Immofinanz Upgraded to Buy at Baader Helvea; PT 25 Euros
* Kloeckner Upgraded to Hold at Kepler Cheuvreux; PT 5 Euros
>>> Down
* Borregaard Cut to Hold at SEB Equities; Price Target 95 Kroner
* Commerzbank Downgraded to Neutral at JPMorgan; PT 7.50 Euros
* Gjensidige Downgraded to Market Perform at KBW; PT 170 Kroner
* Keywords Studios Downgraded to Sell at Peel Hunt
* Lufthansa Downgraded to Sector Perform at RBC; PT 14.50 Euros
* Spirax Downgraded to Sell at Goldman; PT 75 Pounds
* TomTom Cut to Hold at Kepler Cheuvreux; Price Target 10.25 Euros
>>> Initiation
>>> Call
* Lufthansa Cut to Sector Perform at RBC as Outlook Weakens
* Nordex Order Intake a Surprise; Estimates, PT Raised at Citi