DRESDNER KLEINWORT
UK Miners; downgrades to Hold from Buy BHP Billiton, downgrades to Hold from Buy Rio Tinto -- Downgrades to Reduce from Hold Daimler Chrysler -- Downgrades to Hold AWG -- UK Water; Downgrades to Reduce from Hold Severn Trent and Pennon

NUMIS
Upgrades to Buy from Hold Sainsbury

WESTLB
Reiterates Neutral DCX, cuts target to 35 eur from 38 -- Buy VW, 40 eur target, cuts estimates -- Outperform Munich Re, cuts target to 95 eur from 103 -- Downgrades to Underperform from Outperform Glaxosmithkline, cuts target to 1100 pence from 1300 -- Upgrades to Neutral from Underperform AstraZeneca, 2400 pence target

JP MORGAN
Downgrades to Neutral from Overweight DaimlerChrysler -- Neutral ABB, cuts target to 7 sfr from 8, lowers estimates -- Neutral Alcatel, raises target to 12 eur

DEUTSCHE BANK
Reiterates Sell ABB, cuts target to 5 sfr from 6.5 -- Removes Renault from European Focus List -- Downgrades to Sell from Hold Julius Baer -- Hold TeliaSonera, raises estimates, ups target to 37 skr from 36 -- Hold Ubisoft, raises target to 20.75 eur from 16.5 -- Hold Xstrata, 910 pence target -- Sell ABB, cuts target to 5 sfr from 6.50

MORGAN STANLEY
Reiterates Underweight Fiat, cuts estimates -- European Airlines; Initiates coverage on Lufthansa as Overweight, Air France-KLM, Iberia, BA, Alitalia as Equalweight and SAS as Underweight -- Equalweight Alcatel, 9 eur target, cuts estimates -- Equalweight Royal Dutch, 45.5 eur target -- Overweight BBVA, raises target to 13 eur from 12 -- Overweight OTE, raises target, raises target to 13.9 eur from 12.5

PANMURE GORDON
Reiterates Sell Scottish & Newcastle, cuts target to 365 pence from 380

UBS
Upgrades to Neutral from Reduce Fiat, 5.5 eur target -- Downgrades to Neutral from Buy Vedior, cuts target to 13 from 14.2 eur -- Neutral Julius Baer, cuts target to 355 sfr from 380 -- Neutral JC Decaux, raises target to 20 eur from 19 -- Reduce Lonza, raises target to 52 sfr from 49 -- Downgrades to Neutral from Buy, 765 pence target -- Neutral Mucklow, cuts target to 345 pence from 355 -- Neutral Wincor Nixdorf, raises target to 57 eur from 50 -- Neutral KBC, raises target to 54.75 eur from 50.5 -- Reiterates Reduce VW, 25 eur target

SG SECURITIES
Downgrades to Hold from Buy Rhodia --

ABN AMRO
European telecoms; Reiterates Buy mmO2, raises target to 135 pence from 115 -- Add Vodafone, raises target to 155 from 140 -- Add TIM -- Downgrades to Reduce from Hold m6, cuts target to 19 eur from 22 -- Reduce TF1, cuts target to 21 from 21.5 eur

LEHMAN BROTHERS
Reiterates Overweight ABB, cuts estimates -- Equalweight Daimler Chrysler, cuts target to 30 eur from 38, lowers estimates

MERRILL LYNCH
Reiterates Buy Altana, lowers target to 50 eur -- Sell Millennium & Copthorne -- Sell Daimler Chrysler -- Sell Qiagen, cuts estimates

CITIGROUP SMITH BARNEY
Downgrades to Sell from Hold ABB

CSFB
Downgrades to Underperform from Neutral Epcos