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



JP MORGAN

Downgrade Neutral from overweight Skandia, cuts fair value to 30 eur from 32 -- Reiterate Overweight Rhon Klinikum, cuts fair value to 47 eur from 50 -- Underweight BPB, cuts target to 411 pence from 412, increases EPS estimates



MERRILL LYNCH

Downgrade Neutral from buy GfK, valuation call -- Downgrade Neutral from buy Computacenter, cuts estimates -- Downgrade Neutral from buy SABMiller -- Reiterate Buy National Grid Transco, ups target to 525 pence from 510



CITIGROUP SMITH BARNEY

Downgrade Buy from hold Thales -- Upgrade Buy from hold Yule Catto



DEUTSCHE BANK

Downgrade Sell from hold William Morrison, target 205 pence -- Reiterate Buy Vivendi Universal, ups target to 25 eur from 24 -- Hold Fielmann, ups target to 50.1 eur from 48.4, cuts estimates -- Buy Richemont, raises target to 41.5 sfr -- Hold Skandia, cuts target to 28.5 skr from 29.7 -- Hold SABMiller, raises target to 830 pence from 75O



MORGAN STANLEY

Downgrade Equal-weight from overweight Alstom -- Reiterate Overweight Richemont, ups price target to 36 sfr from 35 -- Equal-Weight Premier Farnell, cuts target to 234 pence from 256 -- Overweight Credit Agricole, cuts price target to 24.2 eur from 25 -- Equal-weight Taylor Woodrow, cuts price target to 238 from 251, reduces estimates



DRESDNER KLEINWORT

Upgrade Add from hold HVB



WESTLB

Downgrade Neutral from outperform SABMiller, ups target to 925 pence from 900



ALTIUM SECURITIES

Downgrade Sell to reduce Parity Group



ING

European Strategy: Ups Banking sector to Overweight -- Downgrade Sell from hold RAC -- Downgrade Hold from buy Philips



SG SECURITIES

Downgrade Hold from buy BankInter, fair value 39 eur -- Reiterate Buy KBC, ups fair value to 66.7 eur from 54



EVOLUTION SECURITIES

Downgrade Sell from hold WH Smith, cuts target to 265 pence from 305



NUMIS

Downgrade Hold from add Aberdeen Asset



UBS

Reiterate Buy Tandberg, ups target to 79 nkr from 71 -- Neutral OTE, ups target to 12.5 eur from 10.5 -- Neutral Cosmote, ups target to 13.7 eur from 13.0 -- Neutral Autoroutes Sud de la France, ups target to 36 eur from 35.7 -- Buy EMI Group, post-results -- Neutral Alstom, 0.60 eur target -- Neutral Technip 135 eur target -- Neutral SCH, ups target to 9.6 eur from 9.1 -- Buy Allianz, ups target to 110 eur from 102 -- Buy Porsche, ups target to 640 eur from 600



DRESDNER KLEINWORT

Reiterate Buy Chrysalis, cuts target to 237 pence from 260



CAI CHEUVREUX

Reiterate Outperform Deutsche Telekom, ups target to 17.5 eur from 16.6 -- Outperform Draegerwerk, ups target by 8 pct to 55 eur



PANMURE GORDON

Reiterate Buy AB Foods, ups target to 800 pence from 710



CSFB

Reiterate Outperform SABMiller, raises target to 960 pence -- Outperform SABMiller, ups target to 960 pence

Nasty shock on my AZN long after seeing them tank $4 on the adr's last night! Reversed the trade at 22.00 so hopefully the FDA will talk it down even more...

Federal Reserve Chairman Greenspan, while at a conference in Germany to discuss the euro, has said those not hedged for higher rates should be prepared to lose money... This is one of the FOMC Chair's most direct comments about the direction of interest rates, and it has caused intense selling in both equities and treasuries... The 10-year note has dropped 21 ticks to yield 4.19%, while the dollar has also extended its losses on Greenspan's comment that "currency interventions have had only moderate effects in the past"...