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


CSFB
Downgrade Neutral from outperform George Wimpey -- Downgrade Neutral from outperform EDP

MORGAN STANLEY
Downgrade Underweight from equal-weight Acciona, prefer ACS -- Reiterate Equal-weight Reuters, ups target to 400 pence from 345, cuts estimates

UBS
Downgrade Neutral from buy Mayr-Melnhof -- Reiterate Neutral Invensys, ups target to 16 pence from 15 -- Neutral Arriva, ups target to 500 pence from 440 -- Neutral Helical Bar, ups target to 1,160 pence from 1,085 -- Neutral Confinimo, ups target to 114 eur from 106 -- Buy Beni Stabli, ups target to 86 eur from 80 -- Buy EFG Eurobank, ups target to 30.0 eur from 25.5

BRIDGEWELL SECURITIES
Specialist Financials: Key buys for 2005 are Close Brothers and Brewin Dolphin; key sell Amvescap; Upgrade Buy from overweight ICAP; Upgrade Neutral from underweight London Stock Exchange, switch to ICAP; Upgrade Overweight from neutral Kensington; Downgrade Sell from neutral Amvescap, switch to HHG; Downgrade Neutral from overweight Collins Stewart Tullett, switch to ICAP; Downgrade Neutral from overweight F&C Asset Management, switch to ICAP; Downgrade Neutral from overweight Provident Financial, switch to Cattles; Downgrade Neutral from overweight London Scottish Bank, switch to Cattles; Downgrade Neutral from overweight Rensburg, switch to Brewin Dolphin

DEUTSCHE BANK
Downgrade Hold from buy Zapf Creation

ABN AMRO
Downgrade Sell from reduce Zapf Creation

SG SECURITIES
Downgrade Hold from buy Boiron, fair value 27 eur

ARBUTHNOT
Upgrade Buy from hold Holidaybreak, ups estimates

SEYMOUR PIERCE
Downgrade Outperform from buy Dobbies Garden Centres

MERRILL LYNCH
Reiterate Buy SIG, ups target to 600 pence

GOLDMAN SACHS
Reiterate Outperform Actelion, ups fair value to 195 sfr

CITIGROUP SMITH BARNEY
Reiterate Buy VNU, ups target to 26 eur from 24.5

PANMURE GORDON
Reiterate Buy Capital Radio, 430 pence target under review

EVOLUTION
WH Smith, ups target to 300 pence from 285