>>> Up
* AMS Upgraded to Buy at Baader-Helvea; PT 130 Francs
* Commerzbank Raised to Hold at Independent Research; PT 13 Euros
* Emerson Electric Upgraded to Overweight at JPMorgan; PT $82
* Glaxo Upgraded to Hold at Kepler Cheuvreux
* Outokumpu Upgraded to Buy at Jefferies; PT 7.75 Euros
* Pfeiffer Vacuum Upgraded to Buy at DZ Bank; PT 180 Euros
* Prosafe Upgraded to Hold at Pareto Securities; PT 11 Kroner
* Scor Upgraded to Buy at DZ Bank; PT 39.50 Euros
* Telefonica Upgraded to Hold at Jefferies; PT 8.40 Euros
* Wallenstam Upgraded to Hold at ABG; PT 72 Kronor
>>> Down
* Acerinox Downgraded to Hold at Jefferies; PT 12 Euros
* Citycon Downgraded to Hold at SEB Equities; PT 2.15 Euros
* Citycon Downgraded to Sell at ABG; PT 2 Euros
* Evraz Downgraded to Neutral at Credit Suisse; PT 3.70 Pounds
* Legrand Downgraded to Hold at Berenberg
* Nostrum Oil & Gas Cut to Hold at Otkritie Capital
* TalkTalk Cut to Neutral at New Street Research; PT 1.30 Pounds
* Teva ADRs Downgraded to Underweight at Piper Jaffray; PT $11
>>> Initiation
* Brunello Cucinelli Rated New Buy at Jefferies; PT 31 Euros
* CITY LN Rated New Equal-weight at Barclays
>>> Call