>>> Up
* Aryzta Upgraded to Buy at Mirabaud Securities; PT 42 Francs
* Burckhardt Upgraded to Buy at Research Partners; PT 360 Francs
* Capgemini Upgraded to Add at AlphaValue
* Centrica Upgraded to Buy at UBS; PT 1.65 Pounds
* Fresnillo Upgraded to Neutral at Goldman
* Galp Upgraded to Overweight at JPMorgan; PT 17.50 Euros
* Hammerson Upgraded to Buy at Goldman; PT 6.25 Pounds
* Orange Upgraded to Hold at Berenberg
* RWE Upgraded to Buy at SocGen; PT 22.90 Euros
* Vodafone Upgraded to Overweight at Barclays; PT 2.80 Pounds
* Wolford Raised to Hold at Raiffeisen Centrobank; PT 13.50 Euros
>>> Down
* Asos Downgraded to Underweight at Morgan Stanley; PT 50 Pounds
* BMW Downgraded to Sell at Goldman; PT 85 Euros
* Halma Cut to Underweight at JPMorgan; Price Target 10.60 Pounds
* KPN Downgraded to Equal-weight at Barclays; PT 3.50 Euros
* Nokian Renkaat Downgraded to Sell at Goldman; PT 34 Euros
* Norsk Hydro Downgraded to Neutral at Goldman
* Peugeot Downgraded to Sell at Goldman; PT 16.60 Euros
* Schaeffler Downgraded to Neutral at Goldman; PT 16.50 Euros
* SKF Cut to Underweight at JPMorgan; Price Target 175 Kronor
* Total Downgraded to Underweight at JPMorgan
>>> Initiation
* Axel Springer Reinstated Hold at Independent Research
* Essity Rated New Equal-weight at Morgan Stanley; PT 255 Kronor
* Gecina Reinstated at Goldman With Neutral; PT 149 Euros
* Grifols Rated New Neutral at Credit Suisse; PT 26 Euros
* Kappahl Rated New Reduce at Kepler Cheuvreux; PT 42 Kronor
* Millicom GDRs Rated New Sector Perform at Scotiabank
* MQ Rated New Hold at Kepler Cheuvreux; PT 28 Kronor
* New Wave Rated New Buy at Kepler Cheuvreux; PT 63 Kronor
* Ontex Rated New Equal-weight at Morgan Stanley; PT 28 Euros
* TI Fluid Systems Rated New Buy at HSBC; PT 3.25 Pounds