>>> Up
* Axa Raised to Buy at HSBC
* Generali Raised to Buy at HSBC
* KPN Raised to Overweight at JPMorgan, PT EU3.50
* Moneysupermarket Raised to Buy at Peel Hunt
* RBS Raised to Sector Perform at RBC, PT 240p
* Thermador Groupe Raised to Buy at Portzamparc, PT EU108
* UBM Raised to Buy at Peel Hunt
>>> Down
* 4imprint Cut to Add at Peel Hunt
* Ascential Cut to Hold at Peel Hunt
* Innogy Cut to Hold at Berenberg
* RWE Cut to Hold at Berenberg
* Telefonica Cut to Neutral at JPMorgan, PT EU10.50
* Telit Cut to Hold at Berenberg
>>> Initiation
* HSBC New Buy at Jefferies, PT 920p
>>> Call