>>> Up
* Bankinter Raised to Neutral at Mediobanca SpA
* BAT Raised to Overweight at Morgan Stanley
* Berkeley Raised to Hold at Deutsche Bank; PT 3,966 pence
* Bobst Raised to Hold at MainFirst; PT 46 Swiss francs
* Crest Nicholson Raised to Hold at Deutsche Bank; PT 202 pence
* Danone Raised to Buy at HSBC; PT 70 euros
* Dassault Systemes Raised to Add at Baader Helvea; PT 146 euros
* Eutelsat Raised to Buy at Citi; PT 12.50 euros
* Gjensidige Raised to Hold at Arctic Securities; PT 170 kroner
* Granges Raised to Buy at Carnegie; PT 75 kronor
* IQE Raised to Buy at Deutsche Bank; PT 40 pence
* Konecranes Oyj Raised to Hold at Handelsbanken; PT 19 euros
* Lagardere Raised to Buy at SocGen; PT 15 euros
* Mediaset Espana Raised to Buy at SocGen; PT 4.70 euros
* Munich Re Raised to Buy From Hold by Jefferies, Target Cut to EUR210 From EUR215 by Jefferies
* National Bank of Greece Raised to Neutral at Mediobanca SpA
* Nordea Raised to Neutral at Mediobanca SpA
* Pearson Raised to Buy at SocGen; PT 620 pence
* Pennon Raised to Neutral at Exane; PT 1,080 pence
* Ringkjobing Landbobank Raised to Hold at ABG; PT 385 kroner
* Svenska Handelsbanken Raised to Buy at Deutsche Bank
* UBS Raised to Neutral at Mediobanca SpA
* Unilever Raised to Hold at HSBC; PT 44 euros
* Wienerberger Raised to Outperform at On Field; PT 22 euros
>>> Down
* Accor Cut to Add at AlphaValue
* Air Liquide Cut to Hold at MainFirst; PT 127 euros
* Banco BPM Cut to Underperform at Mediobanca SpA
* Banco Santander Cut to Neutral at Mediobanca SpA
* Beiersdorf Cut to Underweight at Morgan Stanley; PT 85 euros
* BCP Cut to Neutral at Mediobanca SpA
* Danone Cut to Equal-Weight at Morgan Stanley; PT 58 euros
* Elisa Oyj Cut to Neutral at Goldman; PT 62 euros
* HeidelbergCement Cut to Underweight at JPMorgan; PT 43 euros
* Ingenico Group Cut to Hold at MainFirst; PT 100 euros
* Komax Cut to Sell at MainFirst; PT 103 Swiss francs
* L'Oreal Cut to Underweight at Morgan Stanley
* Nordea Cut to Hold at Deutsche Bank
* Plus500 Cut to Hold at Berenberg; PT 1,033 pence
* RBS Cut to Underperform at Mediobanca SpA
* SocGen Cut to Neutral at Mediobanca SpA
* Travis Perkins Cut to Underweight at JPMorgan; PT 920 pence
* UniCredit Cut to Neutral at Mediobanca SpA
* Unilever Cut to Underweight at Morgan Stanley; PT 41 euros
>>> Initiation
>>> Call
* Assa Abloy 1Q Preliminary Numbers Worse Than Expected: Jefferies
* Eutelsat Has ‘Staying Power,’ Cash Generation Sustainable: Citi
* Munich Re Has ‘Crucial’ Capital Advantage, Jefferies Ups to Buy
* Unilever, Beiersdorf Double Downgraded by Morgan Stanley