>>> Up
*A2A RAISED TO OUTPERFORM VS NEUTRAL AT MEDIOBANCA
*ACCIONA RAISED TO OUTPERFORM VS UNDERPERFORM AT MACQUARIE
*CRH RAISED TO NEUTRAL VS REDUCE AT ODDO
*ICAP RAISED TO ADD VS HOLD AT NUMIS
*MERITAGE HOMES UPGRADED TO OVERWEIGHT AT BARCLAYS
*SAINSBURY RAISED TO OUTPERFORM VS UNDERPERFORM: CREDIT SUISSE
*WILLIAM DEMANT RAISED TO NEUTRAL VS SELL AT UBS
>>> Down
*ANTOFAGASTA CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*BEKAERT CUT TO HOLD FROM BUY AT ING
*BURBERRY CUT TO UNDERPERFORM AT RBC CAPITAL
*FIDESSA CUT TO SELL VS NEUTRAL AT UBS
*FIRST QUANTUM MINERALS CUT TO UNDERWEIGHT AT JPMORGAN
*GENEL CUT TO UNDERPERFORM VS BUY AT JEFFERIES
*GLENCORE CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*ITG DOWNGRADED TO NEUTRAL AT J.P. MORGAN
*KAZ MINERALS CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*KNIGHT TRANSPORTATION DOWNGRADED TO EQUALWEIGHT AT BARCLAYS
*LONMIN CUT TO REDUCE VS HOLD AT HSBC
*ORKLA CUT TO NEUTRAL VS BUY AT UBS
*OSRAM LICHT CUT TO UNDERWEIGHT VS EQUAL-WEIGHT: MORGAN STANLEY
*RICHEMONT CUT TO SELL VS BUY AT BERENBERG
*SWATCH CUT TO HOLD VS BUY AT BERENBERG
*TELE2 AB CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*ZOOPLA CUT TO NEUTRAL VS BUY AT UBS
*ZURICH INSURANCE CUT TO HOLD VS BUY AT BANKHAUS LAMPE
>>> PT Change
>>> Initiation
*PLUS500 RATED NEW BUY AT BERENBERG; PT 800P
>>> Call