>>> Up
* Aker Solutions Upgraded to Buy at Kepler Cheuvreux; PT 59 Kroner
* Bakkafrost Upgraded to Hold at DNB Markets; PT 450 Kroner
* Bucher Upgraded to Neutral at Credit Suisse; PT 300 Francs
* Epiroc Upgraded to Overweight at Morgan Stanley; PT 90 Kronor
* HeidelbergCement Upgraded to Overweight at JPMorgan; PT 73 Euros
* Motor Oil Hellas Upgraded to Buy at HSBC; PT 30 Euros
* Salzgitter Upgraded to Neutral at Macquarie; PT 31 Euros
>>> Down
* Assa Abloy Cut to Equal-weight at Morgan Stanley; PT 188 Kronor
* Buzzi Unicem Downgraded to Neutral at JPMorgan; PT 20 Euros
* Electrolux Cut to Underweight at Morgan Stanley; PT 210 Kronor
* Fraport Downgraded to Underweight at JPMorgan; PT 70 Euros
* Glaxo Downgraded to Equal-weight at Barclays
* Hargreaves Lansdown Cut to Underweight at Morgan Stanley
* Kone Downgraded to Equal-weight at Morgan Stanley; PT 46 Euros
* Landis + Gyr Cut to Underweight at Morgan Stanley; PT 58 Francs
* Metso Downgraded to Equal-weight at Morgan Stanley; PT 29 Euros
* Osram Downgraded to Equal-weight at Morgan Stanley; PT 40 Euros
* Saint-Gobain Downgraded to Neutral at JPMorgan; PT 40 Euros
* Schindler Cut to Underweight at Morgan Stanley; PT 202 Francs
* Scottish Salmon Co Plc/The Cut to Hold at DNB Markets
* Tarkett Downgraded to Underweight at JPMorgan; PT 20 Euros
* Ted Baker Downgraded to Hold at HSBC; PT 14.50 Pounds
* Tele Columbus Downgraded to Hold at Bankhaus Lampe; PT 4 Euros
>>> Initiation
* Telefonica Deutschland Rated New Buy at Nord/LB; PT 4.20 Euros
>>> Call