>>> Up
* Ferrari Upgraded to Overweight at Morgan Stanley; PT $160
* Norsk Hydro Raised to Neutral at Goldman; Price Target 32 Kroner
* Ralph Lauren Upgraded to Outperform at RBC; PT $145
* Shell Upgraded to Equal-weight at Morgan Stanley
>>> Down
* Balder Cut to Hold at Kepler Cheuvreux; Price Target 330 Kronor
* Incap Downgraded to Accumulate at Inderes; PT 16.50 Euros
* Prosegur Downgraded to Hold at Ahorro Corporacion; PT 5.20 Euros
* Solvay Downgraded to Reduce at AlphaValue
* Unibail Cut to Underweight at Morgan Stanley; PT 140 Euros
>>> Initiation
* Stobart Reinstated at Stifel With Buy; PT 2.68 Pounds
>>> Call
* Ferrari Strategy Concerns Are Being De-Risked: Morgan Stanley
* Shell Upgraded on Probable Dividend Raise, Morgan Stanley Says
* Unibail Cut; Morgan Stanley Sees NAV Worries on Mall Rent Growth