>>> Up
*BAE SYSTEMS RAISED TO TOP PICK AT RBC CAPITAL
*ROYAL MAIL RAISED TO OVERWEIGHT AT BARCLAYS
*KINGFISHER RAISED TO BUY AT JEFFERIES
*SOCGEN RAISED TO MARKET PERFORM VS UNDERPERFORM AT KBW
*VOLKSWAGEN RAISED TO OUTPERFORM VS NEUTRAL AT EXANE
>>> Down
*CARLSBERG CUT TO MARKET PERFORM AT BERNSTEIN
*DIRECT LINE CUT TO HOLD VS BUY AT CANACCORD
*ERICSSON CUT TO HOLD VS BUY AT SOCIETE GENERALE
*HSBC HOLDINGS PLC CUT TO UNDERWEIGHT AT JPMORGAN
*INFINEON CUT TO MARKET PERFORM AT BERNSTEIN
*JCDECAUX CUT TO UNDERWEIGHT VS EQUAL WEIGHT AT MORGAN STANLEY
*POSTNL CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*PUBLICIS GROUPE CUT TO UNDERPERFORM VS NEUTRAL AT BNP PARIBAS
*SAFRAN CUT TO OUTPERFORM AT RBC CAPITAL
*TNT CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*UNICREDIT CUT TO UNDERWEIGHT AT JPMORGAN
>>> PT Change
>>> Initiation
*ASSA ABLOY RATED NEW BUY AT ODDO
*DANONE RATED NEW BUY AT HSBC, PT EU71.5
*NEXT REINSTATED AT BUY AT CANACCORD; PT 7,800P
*PAYSAFE RATED NEW OVERWEIGHT AT MORGAN STANLEY, PT 500P
*WIRECARD RATED NEW OVERWEIGHT AT MORGAN STANLEY, PT EU55
*WORLDLINE RATED NEW EQUAL WEIGHT AT MORGAN STANLEY, PT EU26
>>> Call