>>> Up
* Cancom Upgraded to Buy at Berenberg
* Cellnex Upgraded to Buy at BofAML
* Fugro GDRs Upgraded to Buy at Kepler Cheuvreux; PT 13.50 Euros
* Pihlajalinna Upgraded to Accumulate at Inderes; PT 10.50 Euros
* Porsche SE Upgraded to Add at AlphaValue
* ProSieben Upgraded to Outperform at Macquarie; PT 18 Euros
* Ramirent Upgraded to Hold at Handelsbanken; PT 6.20 Euros
* Randstad Upgraded to Overweight at Morgan Stanley
* Sotkamo Silver Upgraded to Reduce at Inderes; PT 4.25 Kronor
* Sumo Upgraded to Hold at Liberum
* Tikkurila Upgraded to Hold at SEB Equities; PT 15 Euros
* UBM Dev Upgraded to Buy at Erste Group; PT 47 Euros
* Zalando Upgraded to Buy at Liberum; PT 45 Euros
>>> Down
* Bechtle Downgraded to Hold at Berenberg
* Biogaia Cut to Hold at SEB Equities; Price Target 440 Kronor
* DNO Downgraded to Hold at Canaccord; Price Target 18 Kroner
* ElringKlinger Downgraded to Sell at AlphaValue
* Gamma Communications Downgraded to Add at Peel Hunt
* Go-Ahead Downgraded to Hold at HSBC; PT 20.10 Pounds
* Hays Cut to Equal-weight at Morgan Stanley; PT 1.85 Pounds
* Hurricane Energy Cut to Speculative Buy at Canaccord
* Manx Telecom Downgraded to Hold at Peel Hunt
* Merck KGaA Downgraded to Market Perform at Bernstein
* Neinor Cut to Neutral at JB Capital Markets; PT 13.10 Euros
* Ophir Energy Downgraded to Hold at Canaccord; PT 57 Pence
* Pennon Downgraded to Neutral at JPMorgan; PT 7.80 Pounds
* Richemont Downgraded to Underperform at Credit Suisse
* SAP Downgraded to Neutral at UBS
* SAP Downgraded to Hold at HSBC; Price Target 110 Euros
* Severn Trent Downgraded to Neutral at JPMorgan; PT 20.50 Pounds
* Snam Downgraded to Hold at Kepler Cheuvreux; PT 4.70 Euros
* Xing Downgraded to Hold at Deutsche Bank
>>> Initiation
* Aedifica Rated New Hold at SocGen; PT 85 Euros
* Bushveld Minerals Rated New Buy at Peel Hunt
* Datagroup Rated New Buy at Berenberg; PT 47.50 Euros
>>> Call
* *CENTRAL EUROPE EQUITIES DOWNGRADED TO UNDERWEIGHT AT CITI
* Zalando Can Be ‘Go-To Fashion Destination,’ Up to Buy: Liberum
* Neste Gets Street-High PT, Valuation High But Not Demanding: RBC