>>> Up
* Aubay Upgraded to Buy at Gilbert Dupont; Price Target 46 Euros
* Eurazeo Upgraded to Buy at HSBC; PT 86 Euros
* ITV Upgraded to Buy at SocGen; PT 2.20 Pounds
* Petra Diamonds Raised to Buy at Panmure Gordon & Co; PT 69 Pence
* Shell Upgraded to Buy at DZ Bank
>>> Down
* Daily Mail Downgraded to Sell at SocGen; PT 6.45 Pounds
* Direct Line Cut to Equal-weight at Barclays; PT 3.57 Pounds
* Esure Downgraded to Underweight at Barclays; PT 2.20 Pounds
* Gas Natural Downgraded to Reduce at HSBC; PT 20.80 Euros
* Just Group Downgraded to Underweight at JPMorgan; PT 1.37 Pounds
* Teleperformance Downgraded to Neutral at Goldman; PT 164 Euros
>>> Initiation
* AB InBev Rated New Buy at Oddo BHF; PT 114 Euros
* AMS Rated New Buy at Oddo BHF; PT 120 Francs
* ArcelorMittal Reinstated Outperform at Macquarie; PT 30 Euros
* Atresmedia Rated New Buy at Oddo BHF; PT 10.70 Euros
* ASMI Rated New Buy at Oddo BHF; PT 67 Euros
* ASML Rated New Buy at Oddo BHF; PT 200 Euros
* BAE Rated New Neutral at Oddo BHF; PT 5.90 Pounds
* Beiersdorf Rated New Neutral at Oddo BHF; PT 97 Euros
* Burckhardt Reinstated at Baader-Helvea With Hold; PT 380 Francs
* CaixaBank Rated New Buy at Oddo BHF; PT 4.85 Euros
* Carlsberg Rated New Buy at Oddo BHF; PT 820 Kroner
* CNH Industrial Rated New Buy at Oddo BHF
* CVS Group Rated New Sector Perform at RBC; PT 12.30 Pounds
* Cyan Rated New Buy at Hauck & Aufhaeuser; PT 30 Euros
* Eurogerm Rated New Neutral at Oddo BHF; PT 40 Euros
* Heineken NV Rated New Buy at Oddo BHF; PT 100 Euros
* Inside Secure Rated New Buy at Oddo BHF; PT 4.70 Euros
* Lanson-BCC Rated New Neutral at Oddo BHF; PT 33 Euros
* Lindt & Spruengli Rated New Neutral at Oddo BHF
* Mediaset Rated New Neutral at Oddo BHF; PT 3.40 Euros
* Mediawan Rated New Buy at Oddo BHF; PT 15.20 Euros
* Parrot Rated New Neutral at Oddo BHF; PT 5 Euros
* Pearson Downgraded to Hold at SocGen
* Salzgitter Reinstated Underperform at Macquarie; PT 34 Euros
* SSAB Reinstated at Macquarie With Outperform; PT 48 Kronor
* Veoneer GDRs Rated New Buy at SEB Equities; PT 570 Kronor
* Voestalpine Reinstated at Macquarie With Neutral; PT 42 Euros
>>> Call
* Equities Cut to Underweight at Commerzbank, Prefers Govt Bonds