>>> Up
*IBERDROLA RAISED TO NEUTRAL VS UNDERPERFORM AT MEDIOBANCA
*MUNICH RE RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE
*OHL RAISED TO BUY VS HOLD AT SOCGEN
*ORION OYJ RAISED TO NEUTRAL VS SELL AT GOLDMAN
*TECHNIP RAISED TO BUY VS NEUTRAL AT GOLDMAN
*TELECOM ITALIA RAISED TO NEUTRAL VS UNDERPERFORM AT MACQUARIE
*TENARIS RAISED TO BUY VS NEUTRAL AT GOLDMAN (Note Atatched)
*VINCI RAISED TO BUY AT HSBC
>>> Down
*AKER SOLUTIONS CUT TO SELL VS NEUTRAL AT GOLDMAN
*AMADEUS CUT TO SELL VS NEUTRAL AT CITI
*AMEC CUT TO NEUTRAL VS BUY AT NOMURA
*ARCELORMITTAL CUT TO SELL VS REDUCE AT ALPHAVALUE
*ASTRAZENECA CUT TO HOLD AT HSBC
*FUGRO CUT TO REDUCE VS NEUTRAL AT NOMURA
*GIVAUDAN CUT TO NEUTRAL VS BUY AT GOLDMAN
*INMARSAT CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*JM CUT TO HOLD VS BUY AT KEPLER CHEUVREUX
*NESTE CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*PETROFAC CUT TO NEUTRAL VS BUY AT GOLDMAN
*SSAB CUT TO REDUCE VS ADD AT ALPHAVALUE
*WOOD GROUP CUT TO SELL, ADDED TO CONVICTION SELL LIST: GOLDMAN
>>> PT Change
>>> Initiation
*EIFFAGE RATED NEW OUTPERFORM AT MEDIOBANCA; PT EU75
*VINCI RATED NEW NEUTRAL AT MEDIOBANCA; PT EU68
>>> Call
>> Sector
*EUROPE OIL SERVICES SECTOR RAISED TO NEUTRAL AT GOLDMAN (Note attached)