>>> Up
*Admiral Raised to Overweight at JPMorgan, PT 2100p
*Air France-KLM Raised to Buy at SocGen, PT EU9
*CaixaBank Raised to Buy at UBS, PT EU3.95
*Cobham Raised to Buy at UBS, PT 155p
*DSM Raised to Neutral at JPMorgan, PT EU60
*Ericsson Raised to Buy at Goldman
*IAG Raised to Buy at Liberum, PT 700p
*Lagardere Raised to Equal-Weight at Barclays
*Proximus Raised to Outperform at Macquarie, PT EU30
*Sopra Steria Group Raised to Buy at AlphaValue
*Telefonica Raised to Buy at Deutsche Bank, PT EU11.40
*Vivendi Raised to Outperform at Exane, PT EU21
>>> Down
*Deutsche Telekom Cut to Underperform at Macquarie, PT EU14
*EDF Cut to Sell at AlphaValue
*Ei Towers Cut to Neutral at Macquarie, PT EU50
*Kinepolis Group Cut to Hold at Berenberg
*Melia Hotels International Cut to Reduce at Intermoney Valores
*Melrose Industries Raised to Buy at Liberum
*Vodafone Cut to Underperform at Macquarie, PT GBP1.70
>>> Initiation
*Amgen Rated New Neutral at UBS, PT $185
*Essilor Rated New Overweight at Barclays, PT EU130
*Gilead Rated New Neutral at UBS, PT $72
*Glaxo Rated New Reduce at Kepler Cheuvreux, PT 1500p
*Incyte Rated New Neutral at UBS, PT $140
*Itron Rated New Market Outperform at JMP, PT $75
*Novartis Rated New Buy at Liberum, PT CHF85
*Regeneron Rated New Buy at UBS, PT $435
*Roche Rated New Hold at Liberum, PT CHF274
*Sanofi Rated New Hold at Liberum, PT EU86