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





MORGAN STANLEY

Downgrade Equal-weight from overweight mmO2, ups target by 10 pct to 132 pence

-- Reiterate Equal-weight HSBC, ups target to 930 pence from 900, cuts estimates -- Underweight Veolia Environment, ups target to 23 eur from 20.5, cuts estimates -- Reiterate Overweight Hypo Real Estate, ups target to 35 eur from 32



CSFB

Upgrade Outperform from neutral Northern Rock, target 1,010 pence -- Reiterate Outperform Union Fenosa, ups target to 22.0 eur from 20.5



LEHMAN BROTHERS

Upgrade Overweight from equal-weight Credit Suisse Group, ups target by 15 pct to 53 sfr, sees upside potential to 60 sfr



CITIGROUP SMITH BARNEY

Upgrade Buy from hold Enodis, ups target to 115 pence from 95 -- Upgrade buy from hold Great Portland Estates, ups target to 340 pence from 320 -- Downgrade Hold from buy AstraZeneca



DEUTSCHE BANK

Downgrade Sell from hold Infineon, cuts target to 7.00 from 8.00 -- Reiterate Hold SCH, ups target to 9.4 eur from 8.5



UBS

Upgrade Buy from neutral RM Group, ups target to 190 pence from 150 -- Downgrade Neutral from buy BPB -- Upgrade Buy from neutral Mayr-Melnhof, ups target to 130 eur from 110 -- Initiate Buy Paragon, target 450 pence -- Reiterate Buy Cortefiel, ups target to 12.8 eur from 11.5 -- Neutral Detica, ups target to 790 pence from 765 -- Reduce CAT, ups price target to 500 pence from 390 -- Buy Smiths Group, ups price target to 925 pence from 875 -- Neutral easyJet, ups target to 190 pence from 130, raises estimates -- Neutral TeliaSonera, ups target to 38 eur from 35 -- UK Pubs: Reiterate Buy Greene King, ups target to 1,365 pence from 1,300; Buy Wolverhampton & Dudley, ups target to 1,100 pence from 1,052; Neutral Mitchells & Butler, ups target to 285 pence from 270



WESTLB

Downgrade Outperform from buy Bilfinger Berger, ups target to 30.75 eur from 29.0 -- Downgrade Underperform from neutral Freenet.de, target 15 eur



ABN AMRO

Upgrade Buy from add easyJet, ups target to 240 pence from 195



PANMURE GORDON

Downgrade Hold from buy Kingfisher, cuts target to 310 pence from 320, prefer GUS



TEATHER & GREENWOOD

Downgrade Hold from buy ICAP -- Downgrade Hold from buy GUS



WILLIAMS DE BROE

Downgrade Hold from buy Xstrata



KBC PEEL HUNT

Upgrade Buy from hold Speedy Hire



SG SECURITIES

Initiate Hold Cadbury Schweppes, fair value 471 pence -- Reiterate Buy SR Teleperformance, ups fair value to 22 eur from 20



BAIRD EQUITIES

Initiate Outperform ARK Therapeutics



MERRILL LYNCH

European Food Retailers: Restart Buy Delhaize (previously neutral); restart Sell Sainsbury; restart Sell Wm Morrison; restart buy Tesco, ups target to 335 pence from 315; restart Sell Casino; restart Sell Carrefour, cuts target by 10 pct; restart Neutral Ahold, reduces forecasts; restart Neutral Metro; restart sell Big Food Group (previously neutral); restart Neutral Somerfield -- Reiterate Buy Acambis, cuts target to 320 pence from 355



NUMIS

Reiterate Buy Aquarius Platinum, target cut to 304 pence from 342 -- Buy Euromoney, target price raised to around 480 pence from 460 -- Add SMG, cuts target price to 118 pence from 124 -- Add Speedy Hire, ups price target to 516 pence from 460