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

ALTIUM SECURITIES
Downgrade Hold to add Dimension Data

JP MORGAN
Reiterate Overweight Delhaize, ups target to 64 eur from 58 -- Underweight FKI, cuts estimates -- Global Strategy: Positive on Equities over Bonds from 2005; Ups Consumer Discretionary sector to Overweight; Reiterate Overweight Late Cyclical Industries; Overweight US Equities and Japan -- Neutral ABB, cuts target to 6.4 sfr from 7.0

EVOLUTION
Reiterate Add Ottakar's, cuts target to 350 pence from 380

GOLDMAN SACHS
UK Insurers: Downgrade In-line from outperform Aviva; In-line L&G, cuts fair value to 115 pence from 120, reduces estimates -- Reiterate Underperform Bradford & Bingley, adjustes estimates -- Underperform Heineken, ups estimates -- Outperform Philips, cuts estimates -- In-line Reed Elsevier, adjust estimates -- Outperform TDC, adjusts estimates

INVESTEC
Downgrade Reduce from hold Rank Group, cuts estimates

UBS
Initiates Buy Intralot, target 21.5 eur -- Reiterate Buy SSAB, ups target to 175.5 skr from 160 -- Buy Kesa, ups target to 325 pence from 320 -- Neutral Publigroupe, cuts target to 350 sfr from 410 -- Buy Wolves & Dudley, ups target to 1,180 pence from 1,100 -- Neutral Cadbury Schweppes, target 465 pence, revises estimates -- Neutral Xstrata, target 925 pence, adjusts estimates --Swedish Banks: Downgrade Neutral from Buy SEB, target 135 skr, valuation call; Downgrade Neutral from buy Swedbank, target 140 skr valuation call -- European Banks: Top 10: Add Barclays and DnB Nor; Remove San Paolo IMI and Swedbank -- French, Dutch and UK Banks most attractive; Reiterate Neutral Deutsche Bank, ups target to 70 eur from 63, raises estimates; Upgrade Neutral from reduce Commerzbank, ups target to 16.0 eur from 14.25 -- Downgrade Neutral from buy British Land, ups target to 940 pence from 890 -- Downgrade Neutral from buy Zodiac, target 135 skr -- Downgrade Reduce from neutral Deutsche Post WorldNet -- -- Reiterate Buy OPAP, ups target to 22.0 eur from 18.7

NUMIS
Upgrade Add from hold Smiths Group, ups target to 820 pence from 775

WESTLB
European Insurers: Downgrade Neutral from outperform CNP, cuts target to 55 eur from 58; Reiterate Outperform Munich Re, ups target to 100 eur from 95; Outperform Aviva; ups target to 636 pence from 603; Neutral Scor, ups target to 145 eur from 143

DEUTSCHE BANK
Tobaccos: Downgrade hold from buy BAT; Downgrade Hold from buy Imperial Tobacco -- Downgrade Hold from buy Ryanair

SG SECURITIES
Downgrade Hold from buy Invensys, fair value 20 pence -- Downgrade Hold from buy Wendell Investissement, fair value 50 eur

NOMURA
Initiate Reduce Peugeot, fair value range 40-42 eur

CITIGROUP SMITH BARNEY
Downgrade Hold from buy Alfred McAlpine, target 290 pence -- Reiterate Hold Pillar Property, ups target to 730 pence from 700

DRESDNER KLEINWORT
Downgrade Sell from reduce H&M, target 185 skr; Reiterate Buy Inditex, target 25 eur

MORGAN STANLEY
Reiterate Overweight Autoliv, ups target to 51 usd from 45

CSFB
German Autos: Cuts estimates across the board on currency factors; Neutral Daimler-Chrysler, cuts target to 36 eur from 40; Outperform BMW, target 40 eur; Neutral VW, target 41 eur

MERRILL LYNCH
Reiterate Buy St Gobain, ups target to 52.0 eur from 50.5 -- Buy Anglo Irish Banks, ups target to 18.5 eur from 15.5 -- Buy Warner Estates, ups target to 550 pence from 500

LEHMAN
Telecom Equipment: Reiterate Equal-weight Nokia, target 12 eur, ups estimates

small short BLND 801.5 s/l on

thats it for me till 14.30 ,putting me christmas decorations up at the moment :-)

cant handle all this excitment today :-)

Kayak,forgot to say great post !!!

Mega...