>>> Up
* Carlsberg Raised to Add at AlphaValue
* Huber + Suhner Raised to Buy at Bank Vontobel
* Metrovacesa Raised to Neutral at Goldman; PT 8.48 euros
* Micro Focus Raised to Neutral at Goldman; PT 1,000 pence
* Ryanair Raised to Hold at HSBC; PT 12.25 euros
* Safran Raised to Buy at Nord/LB; PT 160 euros
* Wood Raised to Neutral at Goldman; PT 445 pence
>>> Down
* Aareal Bank Cut to Hold at HSBC; PT 32 euros
* B&S Group Cut to Equal-Weight at Morgan Stanley; PT 12.90 euros
* Daimler Cut to Sell at SocGen
* Dixons Carphone Cut to Sector Perform at RBC; PT 135 pence
* ElringKlinger Cut to Hold at Quirin Privatbank AG
* Humana Cut to Hold at ABG; PT 62 kronor
* Hunting Cut to Sell at Goldman; PT 385 pence
* HSBC Cut to Sell at Berenberg; PT 490 pence
* Kion Cut to Hold at Berenberg
* Kloeckner Cut to Hold at Bankhaus Lampe
* Lehto Group Cut to Sell at SEB Equities; PT 1.40 euros
* Next Cut to Sector Perform at RBC; PT 6,800 pence
* Ryanair Cut to Hold at Deutsche Bank; PT 13.50 euros
* Smurfit Kappa Cut to Hold at Vertical Research; PT 32 euros
>>> Initiation
* Adevinta Reinstated Buy at Goldman; PT 117.55 kroner
* Argenx ADRs Rated New Neutral at Credit Suisse; PT $137
* Babcock Rated New Underweight at Barclays; PT 470 pence
* Belships Rated New Buy at SpareBank; PT 8.30 kroner
* Sumo Rated New Buy at Investec; PT 200 pence
>>> Call
* B&S Group Visibility Is Limited, Downgraded at Morgan Stanley
* H&M Among RBC’s Top Retail Picks, Next, Dixons Carphone Cut
* HSBC’s Strategy Right But ‘Poorly Timed,’ Berenberg Cuts to Sell