>>> Up
* Banco BPM Cut to Reduce at Kepler Cheuvreux; PT 2.30 Euros
* BMW Upgraded to Neutral at JPMorgan; Price Target 90 Euros
* Morgan Advanced Upgraded to Buy at Berenberg
* Norsk Hydro Upgraded to Neutral at Goldman
* Proximus Upgraded to Neutral at Citi
* Rheinmetall Upgraded to Buy at M.M. Warburg
* TP ICAP Upgraded to Buy at Peel Hunt
* Tod's Upgraded to Market Perform at Raymond James
* Tod's Upgraded to Hold at SocGen; PT 59 Euros
* Tod's Upgraded to Hold at Kepler Cheuvreux; PT 55 Euros
>>> Down
* DNB Downgraded to Hold at Jefferies; PT 174 Kroner
* Grammer Downgraded to Hold at M.M. Warburg
* Linde Downgraded to Reduce at Kepler Cheuvreux; PT 188 Euros
* Origin Downgraded to Hold at Kepler Cheuvreux; PT 6.30 Euros
* Osram Downgraded to Hold at HSBC; PT 40 Euros
* Safilo Downgraded to Reduce at Kepler Cheuvreux; PT 3.50 Euros
* Umicore Downgraded to Hold at Investec; PT 53.30 Euros
* Verbund Downgraded to Neutral at Macquarie; PT 33 Euros
>>> Initiation
* Klingelnberg Rated New Buy at Berenberg; PT 61 Francs
* Quilter Rated New Buy at Goldman
* Yellow Cake Rated New Buy at Berenberg; PT 2.49 Pounds
>>> Call