>>> Up
* GEA Group Upgraded to Hold at Pareto Securities; PT 22 Euros
* GTT Upgraded to Add at AlphaValue
* Hertz Upgraded to Overweight at Barclays; PT $19
* Siemens Upgraded to Buy at Bankhaus Metzler; PT 100 Euros
* Standard Chartered Upgraded to Hold at Investec
* UBS Upgraded to Buy at LBBW; PT 13.50 Francs
* Wacker Chemie Upgraded to Buy at Bankhaus Lampe; PT 88 Euros
>>> Down
* Alfen Beheer BV Cut to Equal-weight at Barclays; PT 12 Euros
* ALK-Abello Downgraded to Sell at DNB Markets; PT 1,300 Kroner
* BIC Downgraded to Add at AlphaValue
* Commerzbank Downgraded to Neutral at Citi
* Continental Downgraded to Add at AlphaValue
* EON Downgraded to Sell at Goldman; PT 8.95 Euros
* Fuchs Petrolub Downgraded to Reduce at AlphaValue
* Geberit Downgraded to Hold at Kepler Cheuvreux; PT 455 Francs
* Rolls-Royce Downgraded to Reduce at AlphaValue
* Software AG Downgraded to Hold at LBBW; PT 26.50 Euros
* VIB Vermoegen Downgraded to Hold at SRC Research; PT 28 Euros
* Voestalpine Downgraded to Reduce at Commerzbank; PT 19 Euros
>>> Initiation
* Airtel Africa Rated New Neutral at JPMorgan; PT 80 Pence
* Airtel Africa Rated New Overweight at Barclays; PT 85 Pence
* Airtel Africa Rated New Buy at Goldman; PT 1.10 Pounds
* Global Fashion Group Rated New Buy at Berenberg; PT 4.50 Euros
* Global Fashion Group Rated New Overweight at Morgan Stanley
* Global Fashion Group Rated New Buy at Goldman; PT 5.20 Euros
* Vodafone Resumed at Morgan Stanley With Overweight
* Zur Rose Rated New Buy at Baader Helvea; PT 120 Francs
>>> Call
* *EUROPEAN BASIC RESOURCES SECTOR CUT TO NEUTRAL AT GOLDMAN SACHS
* *EUROPEAN AUTO SECTOR CUT TO UNDERWEIGHT AT GOLDMAN SACHS
* Rolls-Royce Cut at AlphaValue on Restructuring, Trent 1000 Costs