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

WILLIAMS DE BROE
Upgrades to Buy from Hold Rank Group -- Downgrades to Hold from Buy Enterprise Inns -- Downgrades to Hold from Buy Greene King -- Downgrades to Sell from Hold Wolves & Dudley

CSFB
Downgrades to Neutral from Outperform IMI, 400 pence target

CITIGROUP SMITH BARNEY
Upgrades to Buy from Hold BNL

MERRILL LYNCH
Reiterates Buy Old Mutual, raises target to 135 pence from 120 -- Downgrades to Sell from Neutral H&M -- Downgrades to Neutral from Buy Schroders -- Downgrades to Sell from Neutral Jardine Lloyd Thompson -- Neutral Dexia

CHEUVREUX
Downgrades to Underperform from Outperform Sandvik -- Starts Intercontinental Hotels as Outperform, 834 pence target - Upgrades to Outperform Crest Nicholson

UBS
Downgrades to Neutral from Buy BAA -- Buy BASF, raises target to 59 from 55

TEATHER & GREENWOOD
Downgrades to Hold from Buy Dixons -- Downgrades to Buy from Strong Buy Carillion

EVOLUTION
Downgrades to Add from Buy Dixons

MORGAN STANLEY
Upgrades to Overweight Scottish & Southern -- Downgrades to Equalweight from Overweight Scottish Power -- Downgrades to Equalweight from Overweight Fielmann -- Reiterates Overweight Sogecable, cuts price target to 35 eur vs 39

PANMURE GORDON
Downgrades to Sell from Hold Dixons -- Semiconductors; Buy Arc International, Buy CSR, Sell Wolfson, Upgrades to Buy from Hold ARM -- Downgrades to Hold from Buy Aegis

LEHMAN BROTHERS
Downgrades to Underweight from Equalweight Unilever -- Upgrades to Equalweight from Underweight Cadbury Schweppes -- Underweight L'Oreal cuts target to 52 eur from 56, Overweight Danone, Overweight Reckitt Benckiser -- Underweight Siemens, 60 eur target, raises estimates

ING
Downgrades to Hold from Buy Portugal Telecom

GOLDMAN SACHS
In Line Emap, cuts estimates -- Outperform Punch Taverns, Punch Taverns, raises estimates -- Outperform Vodafone, cuts estimates -- Downgrades to In Line from Outperform Lloyds TSB -- Downgrades to Underperform from In Line Standard Chartered

DEUTSCHE BANK
Reiterates Buy French Connection, cuts target to 300 from 440 -- Buy Voest Alpine, raises target to 67 eur from 57 -- Hold VT Group, raises target to 280 pence from 270 -- Buy MFI, 135 pence target

ABN AMRO
Downgrades to Reduce from Hold L'Oreal

Exciting day!