Morning all

Good morning all.

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

UBS
Downgrades to Neutral from Buy Lufthansa

DRESDNER KLEINWORT WASSERSTEIN
Upgrades to Buy from Add Bloomsbury -- Upgrades to Buy from Add JD Wetherspoon -- Upgrades to Buy from Hold Regent Inns, Greene King, Wolves & Dudley, Enterprise Inns and Punch Taverns

INVESTEC
Downgrades to Buy from Strong Buy AG Barr

NUMIS
Upgrades to Buy from Hold Bloomsbury, raises target to 380 pence from 334

CAZENOVE
Upgrades to Outperform from In Line Paladin Resources

MORGAN STANLEY
UK Property; cuts targets across sector: Overweight British Land, cuts target to 1080 pence from 1100, Overweight Brixton, cuts target to 380 pence from 400, Overweight Slough Estates, Underweight Liberty International, cuts target to 940 pence from 950, Equalweight Hammerson, cuts target to 870 pence from 880, Equalweight Land Securities, cuts target to 1390 pence from 1400 -- Upgrades to Overweight from Equal-weight Prudential -- Upgrades to Equal-weight from Underweight Friends Provident

GOLDMAN SACHS
Reiterates In Line Lundbeck, cuts estimates -- In Line Schering, ups estimates -- Outperform TeliaSonera, ups estimates

WESTLB
Downgrades to Neutral from Outperform SHS, 2.8 eur target -- Upgrades to Neutral from Underperform HeidelbergCement

CSFB
Reiterates Neutral Swiss Re, raises target to 85 sfr vs 78 -- UK Banks; Downgrades to Underperform from Marketperform Northern Rock, Underperform Alliance & Leicester, Bradford & Bingley, Egg, Lloyds TSB - Outperform Barclays Bank, HBOS and RBOS -- Assumes coverage on Man AG as Underperform

CITIGROUP SMITH BARNEY
Reiterates Hold Old Mutual, raises target to 136p from 135p

LEHMAN BROTHERS
Upgrades to Equal-weight from Underweight BSkyB