Morning all.

CENTRICA UPPED TO 'BUY' FROM 'ADD' BY ABN AMRO, TARGET 270 PENCE

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


GOLDMAN SACHS
Europe Oil & Gas: Ups sector stance to Neutral from cautious; raises Brent crude estimates, ups fair values by 10 pct; Upgrade In-line from underperform Statoil; Downgrade Underperform from in-line Royal Dutch; Downgrade Underperform from in-line Shell

UBS
Downgrade Neutral from buy Chrysalis, cuts target to 188 pence from 212 -- Upgrade Neutral from reduce Viridian, ups target to 725 pence from 680 -- Upgrade Buy from hold Actelion, target 145 sfr, valuation grounds -- Downgrade Neutral from buy Taylor Woodrow, ups target to 340 pence from 330, raises estimates -- Upgrade Buy from neutral Swedbank, ups target to 200 skr from 180 -- Reiterate Reduce Arriva, cuts target to 500 pence from 515

CITIGROUP SMITH BARNEY
Downgrade Hold from buy Finmeccanica, ups target to 0.78 eur from 0.75 -- Upgrade Hold from sell Fortum, cuts target to 11.5 eur from 13.5 -- Reiterate Buy Continental, ups target to 75 eur from 55, raises estimates

JP MORGAN
Upgrade Overweight from neutral Smith & Nephew, unchanged target 583 pence

ABN AMRO
Upgrade Buy from add Centrica, target 270 pence -- Downgrade Sell from buy Renold, cuts target to 50 eur from 85

BRIDGEWELL SECURITIES
Downgrade Neutral from overweight Cosalt, cuts estimates

INVESTEC
Oil & Gas review: Raises Brent crude forecast by 25 pct for 2005 to 45.5 usd a barrel, ups 2006 by 23 pct to 40 usd, and 2007 by 17 pct to 35 usd; Upgrade to Buy Burren Energy, ups NAV estimates by 16 pct to 543 pence; Reiterate Buy JKX Oil & Gas, ups NAV estimate by 22 pct to 146 pence

SG SECURITIES
Upgrade Buy from hold Inditex, ups fair value by 14 pct to 25.1, raises estimates -- Reiterate Buy Continental, ups fair value to 75 eur from 65

ING
Upgrade Buy from hold Capitalia

SEYMOUR PIERCE
Initiate Buy Xansa

MORGAN STANLEY
European & Global Model Portfolios: Add Schroders (Overweight) -- Reiterate Overweight Slough Estates, cuts target to 550 pence from 620, reduces estimates -- Overweight TPG, ups target to 25 eur from 23 -- Equal-weight Victrex, ups target to 430 pence from 420, raises estimates

LEHMAN
European Recommended Portfolio: Remove Santander; increase weightings in RBoS

CSFB
Reiterate Outperform ABB, ups target to 9.0 eur from 7.7

DEUTSCHE BANK
Reiterate Buy FKI, cuts target to 135 pence from 145 -- Hold Scottish & Southern Energy, ups target to 800 pence from 625 -- Hold RHI, ups target to 24 eur from 18 -- Hold Tele Atlas, ups target to 14.5 eur from 8.6

CA CHEUVREUX
Reiterate Outperform Assystem Brime, ups target to 25 eur from 23 -- Outperform Manitou, ups target to 35 eur from 32, raises estimates

EXANE BNP PARIBAS
Reiterate Underperform San Paolo IMI, ups target to 11.0 eur from 10.2 -- Outperform Assytem Brime, ups target to 21.0 eur from 18.8

PANMURE GORDON
Reiterate Buy Barclays, ups target to 625 pence from 590