BUR on the move upwards

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


UBS
Downgrade Neutral from buy SABMiller, cuts target to 940 pence from 950 -- Downgrade Neutral from buy Kudelski, ups target to 47 sfr from 42 -- Downgrade Neutral from buy Telecom Italia, ups target to 3.2 eur from 3.0; Downgrade Neutral from buy TIM, ups target to 5.2 eur from 5.1 -- Initiate Buy Mobilcom, target 18.5 eur-- Reiterate Buy Imperial Tobacco, ups target to 1,590 pence from 1,480; Buy Altadis, ups target to 35.8 eur from 32.6; Reduce Gallaher, ups target to 650 pence from 595; Neutral BAT, ups target to 885 pence from 840 -- Neutral Unilever, cuts target to 49 eur from 50 -- Buy De Vere Group, ups target to 545 pence from 525 -- Buy Imerys, ups target to 67 eur from 64 -- Buy Berkeley Group, cuts target to 965 pence from 1,465 -- Buy Tietoenator, ups target to 28 eur from 26 -- Buy Brisa, ups target to 7.75 eur from 7.3; Neutral ASF, ups target to 38.6 eur from 36.0

DEUTSCHE BANK
Upgrade Buy from hold Prudential, ups target to 486 pence from 450, valuation call; Downgrade hold from buy Aviva, ups target to 633 pence from 626, valuation call -- Upgrade Buy from hold Kuhne & Nagel, ups target to 285 sfr from 220 -- Reiterate Buy OPAP, ups target to 20.4 eur from 18.0 -- European Publishers: Reiterate Hold Pearson, cuts target to 600 pence from 630; Hold Reed Elsevier, cuts NV target to 12 eur from 12.4, PLC target unchanged at 550 pence; Buy VNU, cuts target to 28.5 eur from 30.6; Buy UBM, cuts target to 600 pence from 610; Hold Wolters Kluwer, cuts target to 13.8 eur from 14

MERRILL LYNCH
Downgrade Neutral from Buy Centrica, cuts estimates -- Upgrade Buy from Neutral Ryanair -- Diversified mining: Downgrade sector stance to Neutral from Overweight; Cuts estimates across the board; Downgrade Neutral from Buy BHP Billiton; Downgrade Neutral from Buy Anglo American; Downgrade Neutral from Buy Rio Tinto; Downgrade Sell from Neutral Lonmin -- Reiterate Buy Carnival, raises target to 35 from 31

GOLDMAN SACHS
Upgrade Outperform from In-Line Generali

CITIGROUP SMITH BARNEY
Upgrade Buy from hold Capgemini

CAI CHEUVREUX
Upgrade Outperform from underperform Rio Tinto, ups target to 1,754 pence from 1,446, switch from BHP Billiton -- Downgrade Underperform from outperform Aviva, target 615 pence, switch to Prudential -- Downgrade Underperform from Selected List Renault, cuts target to 69 eur -- Downgrade Outperform from Selected List France Telecom, fair value 27 eur -- Upgrade Selected List from Outperform Capgemini, target 34 eur -- Reiterate Selected List E.ON, ups target to 72 eur from 70, raises estimates -- Outperform Altadis, ups target to 37.1 eur, raises estimates -- Selected List Thales, ups target to 39 eur from 36

SG SECURITIES
Upgrade Buy from hold Foncia, fair value 92 eur -- Initiate Sell Laurus, fair value 3.9 eur

NOMURA
Downgrade Neutral from buy Telecom Italia

SANFORD BERNSTEIN
Downgrade Market Perform from outperform L&G, ups target to 113 pence from 110

BRIDGEWELL SECURITIES
Downgrade Neutral from Core Holding Halma -- Initiate Core Holding Severfield-Rowen

WILLIAMS DE BROE
Upgrade Buy from hold Bodycote -- Upgrade Buy from hold Swiss Life

ARBUTHNOT
Downgrade Hold from buy Ultraframe

SEYMOUR PIERCE
Upgrade Outperform from underperform Dewhurst

TEATHER & GREENWOOD
General retailers Christmas preview: Upgrade Buy from hold Woolworths; Trading Sell WH Smith (fundamental Hold) and Austin Reed (fundamental Hold); Trading Buy Boots (fundamental Hold), and House of Fraser (fundamental Hold)

ALTIUM SECURITIES
Downgrade Sell from hold Ultraframe

JP MORGAN
European Software & Services: Initiate Overweight Indra Sistemes, target 13.5 eur; Initiate Overweight Capgemini, target 28 eur; Initiate Neutral Tietoenator, target 23 eur; Initiate Overweight Atos Origin, target 60 eur --Reiterate Neutral Smiths Group, ups target to 820 pence from 790, raises estimates

CSFB
Reiterate Underperform Scor, cuts target to 1.15 eur from 6

LEHMAN BROTHERS
Reiterate Overweight BAE Systems, cuts estimates, lowers target to 290 pence from 305

WESTLB
Reiterate Neutral Schwarz Pharma, ups target to 33 eur from 32

PANMURE GORDON
Reiterate Sell Pendragon, cuts target to 230 pence from 250

long ARM 104.25 s/l on

long RGU 89.50 s/l on

long BLND 813 s/l on

short RTO 141.25 s/l on