>>> Up
* Commerzbank Upgraded to Overweight at JPMorgan; PT 10.50 Euros
* GN Upgraded to Buy at SEB Equities; PT 300 Kroner
* Kuehne + Nagel Upgraded to Outperform at RBC; PT 160 Francs
* Osmozis Raised to Neutral at CM - CIC Market Solutions
* Schroders Upgraded to Buy at Berenberg
* Telecom Plus Upgraded to Buy at Peel Hunt
>>> Down
* Atlas Copco Cut to Underweight at Morgan Stanley; PT 225 Kronor
* Ericsson ADRs Downgraded to Underperform at Raymond James
* International Paper Downgraded to Market Perform at BMO; PT $51
* Ipsen Cut to Underweight at JPMorgan; Price Target 120 Euros
* Julius Baer Downgraded to Sector Perform at RBC; PT 55 Francs
* NetEnt Downgraded to Equal-weight at Barclays; PT 41 Kronor
* Royal Mail Downgraded to Underperform at RBC; PT 3.15 Pounds
* Royal Mail Downgraded to Hold at HSBC; PT 3.79 Pounds
* RWE Downgraded to Hold at HSBC; PT 21 Euros
* Sage Downgraded to Underweight at Barclays; PT 4.95 Pounds
* Scor Downgraded to Neutral at JPMorgan; Price Target 42 Euros
* Swedbank Downgraded to Sell at SocGen; PT 185 Kronor
* UBI Banca Downgraded to Neutral at JPMorgan; PT 3.50 Euros
>>> Initiation
* Allergan Rated New Buy at Guggenheim
* AstraZeneca Rated New Buy at Guggenheim
* Bankia Rated New Hold at HSBC; PT 3.30 Euros
* Bauer Reinstated at Commerzbank With Buy; PT 25 Euros
* Bristol-Myers Rated New Neutral at Guggenheim
* Glaxo Rated New Neutral at Guggenheim
* Joules Group Rated New Buy at Berenberg; PT 3.60 Pounds
* Lilly Rated New Buy at Guggenheim
* N Brown Rated New Hold at Berenberg; PT 1.30 Pounds
* Novartis Rated New Neutral at Guggenheim
* Novo Nordisk Rated New Buy at Guggenheim
* Quiz Rated New Hold at Berenberg; PT 80 Pence
* Sanofi Rated New Neutral at Guggenheim
* Siem Offshore Reinstated Hold at Kepler Cheuvreux; PT 2 Kroner
>>> Call