>>> Up
* Akamai Upgraded to Overweight at JPMorgan
* Allied Minds Upgraded to Hold at Jefferies; PT 1.18 Pounds
* Anglo American Upgraded to Buy at Investec
* Autogrill Upgraded to Buy at Kepler Cheuvreux; PT 12.80 Euros
* BHP Upgraded to Buy at Investec
* Cementir Holding Upgraded to Outperform at MedioBanca
* DNB Upgraded to Buy at Beringer Finance; Price Target 160 Kroner
* Esure Upgraded to Outperform at RBC; PT 2.75 Pounds
* G4S Upgraded to Hold at SEB Equities
* Hugo Boss Upgraded to Outperform at RBC; PT 80 Euros
* JCDecaux Upgraded to Hold at HSBC; Price Target 30 Euros
* Otello Upgraded to Buy at Beringer Finance; PT 30 Kroner
* Panalpina Upgraded to Sector Perform at RBC; PT 140 Francs
* Pennon Upgraded to Overweight at JPMorgan; PT 8.30 Pounds
* Severn Trent Upgraded to Overweight at JPMorgan; PT 22.50 Pounds
* Smurfit Kappa Upgraded to Hold at Kepler Cheuvreux; PT 38 Euros
* Telecom Italia Upgraded to Buy at Goldman; PT 89 Cents
>>> Down
* Africa Oil Downgraded to Sector Perform at RBC
* Ambea Rated New Hold at DNB Markets; PT 72 Kronor
* Belships Downgraded to Accumulate at Fearnley; PT 6.30 Kroner
* Hugo Boss Cut to Hold at Independent Research; PT 76 Euros
* RTL Downgraded to Hold at SocGen; PT 75 Euros
* Sparebanken More Cut to Hold at Beringer Finance; PT 307 Kroner
* Tomra Downgraded to Sell at Beringer Finance; PT 100 Kroner
>>> Initiation
* Acacia Mining Rated New Sell at Berenberg; PT 1.40 Pounds
* Bank2 Rated New Hold at Beringer Finance; PT 7 Kroner
* Hexagon Composites Rated New Buy at SpareBank; PT 35 Kroner
* Hochtief Reinstated at HSBC With Buy; PT 165 Euros
>>> Call