WOODIE - Forecasts are that FCCN will have a bad Christmas trading session so may be more opportunities coming up. Nobody knows where the bottom will be.

Best watch Level 2 for the order book to turn again before making a move.

G.

g thanks for info

UK and European brokers' recommendations issued today, as collated by AFX News from a range of market sources.

ABN AMRO
Downgrades to Add from Buy Smith & Nephew

WESTLB
Initiates coverage as Outperform on Exel, 800 pence target

WILLIAMS DE BROE
Upgrades to Buy from Hold First Choice

SEYMOUR PIERCE
Downgrades to Hold Kleeneze

JP MORGAN
Initiates as Neutral Belgacom, price target 33.1 eur -- Initiates as Neutral AB ports, price target 494p -- Initiates as Neutral Campari, price target 48 eur

CITIGROUP SMITH BARNEY
Downgrades to Hold from Buy Recoletos -- European Tobacco; Upgrades to Buy from Hold Altadis, raises target to 35.5 eur from 29.5 -- Hold BAT, raises target to 920 pence from 840, Hold Gallaher, raises target to 750 pence from 655, Buy Imperial Tobacco, raises target to 1580 pence from 1470

DRESDNER KLEINWORT
Reiterates Hold Alliance & Leicester -- Downgrades to Add from Buy Inditex

PANMURE
Reiterates Buy Inchcape, raises target to 2150 pence from 1925 -- Sell Aggreko, cuts target to 130 pence from 140 -- Upgrades to Buy from Hold iSoft, 400 pence target -- Buy Wilson Bowden

MERRILL LYNCH
Downgrades to Neutral United Business Media -- Downgrades to Neutral from Buy Group 4 Securicor -- Buy Rexam, raises target 480p from 460p -- Neutral British Vita, cuts 2004 pretax profits

UBS
Reiterate Buy Intertek, price target 800p vs 830 -- Downgrades to Neutral from Buy Tandberg -- Downgrades to Neutral from Buy Aegon -- Neutral EADS, cuts price target to 23 eur from 25 -- Neutral Altria, ups price target to 56 usd from 51.50 -- Neutral Yell, price target raised to 435p vs 360 -- Downgrades to Reduce from Buy iSoft, cuts target to 320 pence from 540

CSFB
Reiterates Neutral TDC, ups target price to 234 dkr

DEUTSCHE BANK
Reiterates Buy BT Group, raises target to 215 pence -- Upgrades to Buy from Hold Premier Farnell -- Downgrades to Hold from Buy Altadis -- Buy HBOS, raises target to 880 pence

MORGAN STANLEY
Upgrades to Equalweight from Underweight BG Group -- Initiates coverage as Overweight Spirent -- Downgrades to Underweight from Equalweight PPC -- Downgrades to Equalweight from Overweight Group 4 Securicor

DEUTSCHE BANK
Buy iSoft, cuts target to 430 pence from 520

Morning all, (just)

HBOS - Buy? I would have said it was a bit late now!