Morning all.

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


CSFB
Upgrade Outperform from Neutral Swiss Re, ups target to 92 sfr from 85 -- Downgrade Neutral from Outperform Mobile Telesystems, target 41 usd -- Reiterate Neutral Vimpelcom, ups target to 45 usd from 40, raises estimates -- Neutral George Wimpey, cuts target to 410 pence from 425

DRESDNER KLEINWORT
Downgrade Hold from Add Air Liquide -- Upgrade Buy from Hold Credit Agricole -- Initiate Add Valeo

MERRILL LYNCH
Upgrade Neutral from Sell JD Wetherspoon -- Reiterate Buy Barclays, ups price target to 674 pence

GOLDMAN SACHS
European Aerospace & Defence: Ups sector stance to Attractive from Neutral; Upgrade In-line from Underperform Finmeccanica; Upgrade In-line from Underperform Thales; Downgrade Underperform from In-line Saab

UBS
Upgrade Buy from Neutral Swiss Re, ups target to 92 sfr from 87 -- Upgrade Neutral from Reduce De Rigo -- Upgrade Buy from Neutral Phonak, ups target to 62 eur from 87 -- Reiterate Buy Sanofi-Aventis, cuts target to 78 eur from 82 -- Buy Travis Perkins, cuts target to 1,732 pence from 1,875 -- Buy Neopost, ups target to 93 eur from 87 -- Neutral Surfcontrol, cuts target 440 pence from 540 -- Buy ITV, cuts target to 156 pence from 165

CITIGROUP SMITH BARNEY
Upgrade Hold from Sell Scottish Power, target 545 pence -- Reiterate Buy Admiral, ups target to 440 pence from 400 -- Hold Taylor Woodrow, ups target to 335 pence from 325 -- Buy Pirelli Real Estate, ups target by 12 pct to 54.1 eur -- Hold Victrex, ups target to 550 pence from 450 -- Hold Sanofi-Aventis, cuts target to 75 eur from 77

DEUTSCHE BANK
Upgrade Buy from Hold Credit Agricole -- Upgrade Buy from Hold Generali, ups target to 29.10 eur from 26.70, raises estimates -- Upgrade Buy from Hold Inditex, ups target to 26.50 eur from 25.00 -- Upgrade Buy from Hold Credit Suisse, ups target to 63 sfr from 52 -- Upgrade Buy from Hold UBS, ups target to 118 sfr from 108 -- Initiate Buy Caliber, target 14 usd - Initiate Buy Eurocastle, target 21 -- Reiterate Sell JD Wetherspoon, ups target to 245 pence from 235 -- Buy Commerzbank, ups target to 24.50 eur from 21.50 -- Hold IMI, ups target to 450 pence from 425 -- Buy Philips Electronics, ups target to 25.0 eur from 23.5

PANMURE GORDON
Downgrade Hold from buy Royal Bank of Scotland -- Initiate Buy Media Square -- Initiate Buy Foseco, target 175 pence -- Reiterate Buy Visonic, ups target to 100 pence from 90

WESTLB
Upgrade Buy from Outperform Credit Agricole -- Reiterate Neutral Altana, ups target to 44.1 eur

ALTIUM SECURITIES
Downgrade Reduce from Sell Pace Micro

WILLIAMS DE BROE
Upgrade Buy from hold Wilson Bowden

NOMURA
Downgrade Neutral from buy Inion

EXANE BNP PARIBAS
Upgrade Outperform from Neutral Air Liquide, ups target to 165 eur from 151 -- Reiterate Neutral Neopost, ups target to 80 eur from 75 -- Outperform Devoteam, ups target to 22.5 eur from 19.5 -- European Strategy: Utilities upgraded to Overweight from Neutral, top picks E.ON (outperform, target 90 eur) and Gaz de France (Outperform, target 31.5 eur); Media downgraded to Neutral from outperform

CA CHEUVREUX
Downgrade Underperform from Outperform Haldex, target 140 skr, 'take some profits' -- Downgrade Underperform from Outperform Travis Perkins, target 1,455 pence -- Downgrade Underperform from Outperform Trelleborg, cuts target to 120 skr from 130

SG SECURITIES
Downgrade Sell from buy easyJet, fair value 280 pence -- Reiterate Buy Axa, ups fair value to 25.5 eur -- Buy Sanofi-Aventis, fair value 75 eur

MORGAN STANLEY
Initiate Overweight Numico, target 39 eur

WH IRELAND
Initiate Add Vindon Healthcare

ARBUTHNOT
Initiate Neutral Development Securities

LEHMAN BROTHERS
Reiterate Equal-weight Shore Capital, ups target to 60 pence from 50

JP MORGAN
Reiterate Overweight BBA, ups target to 353 pence from 343 -- Underweight L'Oreal, ups target to 58 eur from 51 -- Underweight Premier Foods, cuts target to 320 pence

ING
Reiterate Hold Acambis, cuts fair value to 265 pence from 277

NUMIS
Reiterate Buy Biotrace, ups target to 122 pence from 115 -- Add Dairy Crest, ups target to 575 pence from 540 -- Buy Goshawk, cuts target to 46 pence from 52

BRIDGEWELL SECURITIES
Reiterate Buy Avingtrans, ups target to 176 pence from 156

End of day market wrap