>>> Up
* Acacia Mining Upgraded to Buy at Peel Hunt
* Air France-KLM Upgraded to Neutral at MainFirst; PT 8.50 Euros
* Hochtief Upgraded to Buy at Kepler Cheuvreux; PT 142 Euros
* Koenig & Bauer Upgraded to Buy at Bankhaus Metzler; PT 50 Euros
* Mapfre Upgraded to Overweight at JPMorgan; PT 3.30 Euros
* Novo Nordisk Upgraded to Neutral at Oddo BHF; PT 333 Kroner
* Persimmon Upgraded to Buy at Citi
* Piovan Upgraded to Buy at Kepler Cheuvreux; PT 7.80 Euros
* Sabadell Upgraded to Overweight at Morgan Stanley
* SBM Offshore Upgraded to Overweight at Barclays; PT 25 Euros
* SocGen Upgraded to Neutral at Mediobanca SpA; PT 31.20 Euros
* Tele2 Upgraded to Buy at HSBC; PT 142 Kronor
* Tubacex Upgraded to Buy at Ahorro Corporacion; PT 3.80 Euros
>>> Down
* Centrica Downgraded to Reduce at HSBC; PT 90 Pence
* Deutsche Post Downgraded to Hold at Berenberg; PT 34 Euros
* Essentra Downgraded to Hold at Stifel; PT 4.20 Pounds
* GARO AB Downgraded to Hold at Carnegie; PT 255 Kronor
* Gecina Downgraded to Equal-weight at Barclays; PT 145 Euros
* Hammerson Downgraded to Reduce at AlphaValue
* Nordea Downgraded to Reduce at AlphaValue
* Roche Downgraded to Reduce at Oddo BHF; PT 263 Francs
* Scout24 Downgraded to Hold at Kepler Cheuvreux; PT 49 Euros
* SocGen Downgraded to Hold at DZ Bank; Price Target 30 Euros
* Stroeer Cut to Neutral at MainFirst; Price Target 63 Euros
* UCB Downgraded to Reduce at Oddo BHF; PT 68 Euros
* Umicore Downgraded to Hold at Berenberg
>>> Initiation
* Bellevue Group Rated New Neutral at MainFirst; PT 22.50 Francs
>>> Call