>>> Up
*Air France-KLM Raised to Neutral at Credit Suisse
*Air France-KLM Raised to Buy at HSBC, PT EU9.50
*BBVA Raised to Neutral at UBS, PT EU7.40
*DNB Raised to Neutral at Citi, PT NOK140
*Gjensidige Raised to Neutral at Swedbank, PT NOK120
*Jungheinrich Raised to Outperform at MainFirst, PT EU40
*Shell Raised to Buy at SocGen, PT 2,500p
*Subsea 7 Raised to Neutral at Credit Suisse, PT NOK135
*Swiss Re Raised to Hold at Jefferies, PT CHF78
>>> Down
*Andritz Cut to Neutral at Citi, PT EU56.60
*Barclays Cut to Sell at Goldman, PT 180p
*BNP Paribas Cut to Neutral at Natixis
*Casino Cut to Underweight at Barclays
*Coloplast Cut to Sell at Sydbank
*Deutsche Pfandbriefbank Cut to Neutral at Citi, PT EU13.30
*EON Cut to Reduce at HSBC, PT EU6.50
*Estee Lauder Cut to Hold at SocGen, PT $93
*Inmarsat Cut to Sell at Berenberg
*Inmarsat Cut to Underweight at Barclays
>>> Initiation
*VAT New Hold at HSBC, PT CHF120
>>> Call
>> Stock
*BNP ENTERS MOST PREFERRED BANKS AT KEPLER CHEUVREUX
*SOCGEN REMOVED FROM MOST PREFERRED BANKS AT KEPLER CHEUVREUX