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


CITIGROUP SMITH BARNEY
Downgrade Hold from buy Capita, ups target to 370 pence from 330, raises estimates -- Reiterate Hold Allianz, ups target to 95 eur from 90

CSFB
Downgrade Neutral from outperform Allianz -- Initiate Neutral Evolution Securities -- European Staffing: Initiate Outperform Michael Page, target 222 pence; Initiate Outperform Hays, target 141 pence; Outperform Randstad, target 31.6 eur; Initiate Neutral Vedior, target 13 eur; Underperform Adecco, target 55 sfr -- Reiterate outperform BASF, ups target to 58 eur from 55

JP MORGAN
European Focus List: Remove mm02, add TDC -- Downgrade Underweight from neutral Bank of Ireland -- Reiterate Overweight Virgin Mobile, ups target to 220 pence from 215 -- Overweight Spirent, ups target to 80 pence from 70

DRESDNER KLEINWORT
Downgrade Hold from add BOC, preview -- Downgrade Hold from add IWKA

UBS
Upgrade Neutral from underperform United Utilities, valuation call -- Reiterate Neutral Neutral Celesio, ups target to 62 eur from 55 -- Neutral Luminar, ups target to 525 pence from 485 -- Buy Wessanen, cuts target to 12.5 eur from 14.0, ups predictability rating to 1 from 2 -- Neutral Finmeccanica, ups target to 0.66 eur from 0.61 -- Neutral TPI, ups target to 6.1 eur from 5.75 -- Buy SIG Holding, ups target to 300 sfr from 285 -- Buy IPSOS, ups target to 93 eur from 91

CAZENOVE
Upgrade Outperform from in-line Big Yellow

DEUTSCHE BANK
Upgrade buy from hold OPAP, ups target to 18.0 eur from 16.3 -- Reiterate Buy Gamesa, cuts target to 13.6 eur from 14.0, reduces estimates -- Hold Palfinger, ups target to 37 eur from 29 -- Hold FJH, cuts target to 4.7 eur from 6.4 -- Buy Amadeus GTD, ups target to 7.1 eur from 6.5 -- Buy Celesio, ups target to 65 eur from 62

GOLDMAN SACHS
Upgrade Outperform from in-line Cortefiel, adjusts estimates -- Downgrade Underperform from in-line KarstadtQuelle -- European Visioncare sector: Initiate Outperform Essilor; Initiate Outperform Fielmann; Initiate In-line De Rigo; Resume In-line Luxottica, cuts estimates

PANMURE GORDON
Upgrade Hold from sell MFI Furniture, ups target to 120 pence from 90 -- Upgrade buy from hold Cranswick -- Upgrade Hold from sell Chrysalis -- Reiterate Buy VT Group, ups target to 320 pence from 315

SG SECURITIES
Downgrade hold from buy Equant, fair value 4 eur -- Reiterate Buy Arcelor, ups fair value to 17.5 eur

CAI CHEUVREUX
Downgrade Underperform from Selected List Amadeus GTD, target 70 eur, ups estimates -- Reiterate Outperform Arcelor, ups target to 20 eur from 18, raises estimates -- Outperform Celesio, ups target to 66 pence from 65, raises estimates -- Outperform Fuchs Petrolub, ups target to 88 eur from 83, raises estimates -- Underperform Julius Baer, cuts fair value to 330 sfr from 340 -- Underperform Rodriguez, cuts target to 40 eur from 50, reduces estimates -- Outperform WPP Group, ups target to 640 pence

ING
Upgrade Hold from sell Wessanen -- Downgrade Hold from buy Audika -- Downgrade Hold from buy Aubay

NUMIS
Downgrade Add from buy French Connection

NOMURA
Downgrade Neutral from buy BT Group -- Initiate Neutral Enel

WESTLB
Downgrade Neutral from buy Fuchs Petroleum, cuts target to 70 eur from 73 -- Downgrade Neutral from outperform AMB Generali, cuts target to 64 eur from 68 --Reiterate Outperform SABMiller, ups target to 900 pence

EVOLUTION SECURITIES
Downgrade Reduce from add French Connection -- Reiterate Reduce MFI, ups target to 110 pence from 100 -- Game Group, Buy rating under review as close to 75 pence target

TEATHER & GREENWOOD
Upgrade Hold from sell MFI -- Downgrade Sell from hold Schroders

ALTIUM SECURITIES
Downgrade Hold from add Whitehead Mann

MERRILL LYNCH
Reiterate Buy Celesio, ups target to 65 eur, raises estimates

MORGAN STANLEY
Reiterate Overweight Arcelor, ups target to 20 eur from 19, raises estimates, 'top pick in European steel sector'

Afternoon all,

Nice to see someone doing well.

Big al,
chk your mail.