>>> Up
* Burberry Upgraded to Outperform at MainFirst; PT 21.50 Pounds
* Eramet Upgraded to Buy at Oddo BHF; PT 100 Euros
* 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
* Svenska Handelsbanken Upgraded to Buy at AlphaValue
>>> Down
* Borregaard Cut to Hold at SEB Equities; Price Target 95 Kroner
* Commerzbank Downgraded to Neutral at JPMorgan; PT 7.50 Euros
* Danske Bank Downgraded to Sell at AlphaValue
* 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
* Grand City Properties Reinstated at BofAML With Buy; PT 22 Euros
* LEG Immobilien Reinstated at BofAML With Buy; PT 120 Euros
* Vonovia Reinstated at BofAML With Buy; PT 52 Euros
>>> Call
* Aedas Estimates Cut at Citi After ‘Softer Margin Guidance’
* Akka Valuation Very Attractive, CFO Convincing, Says Berenberg
* Lufthansa Cut to Sector Perform at RBC as Outlook Weakens
* Nordex Order Intake a Surprise; Estimates, PT Raised at Citi