* Allianz SE ALVG.DE: Citigroup cuts to neutral from buy

* Carnival CCL.L: Peel Hunt raises to buy from add

* Future Plc FUTR.L: Berenberg raises to buy from hold

* Liontrust Asset Management Plc LIO.L: Deutsche Bank cuts to sell from hold

* Nibe NIBEB.ST: Barclays cuts to underweight from equal-weight

* Aalberts NV AALB.AS: Berenberg cuts target price to EUR 56 from EUR 65

* Alfen NV ALFEN.AS: Berenberg cuts target price to EUR 40 from EUR 54

* Alfen NV ALFEN.AS: Berenberg cuts to hold from buy

* Allianz SE ALVG.DE: Citigroup cuts to neutral from buy

* Allianz SE ALVG.DE: Citigroup raises target price to EUR 283 from EUR 272

* Alstom ALSO.PA: HSBC raises target price to EUR 24 from EUR 21.69

*Aramis Group Sas ARAMI.PA: Bernstein raises target price to EUR 9.20 from EUR 8.70

* Ariston Holding NV ARIS.MI: Citigroup cuts target price to EUR 5.8 from EUR 6.5

* Ariston Holding NV ARIS.MI: Citigroup raises to buy from neutral

* AXA AXAF.PA: Citigroup raises target price to EUR 39.10 from EUR 34.57

* British Land BLND.L: Peel Hunt raises target price to 505p from 475p

* Carnival CCL.L: Peel Hunt raises target price to 1300p from 1100p

* Carnival CCL.L: Peel Hunt raises to buy from add

*Catana Group SA CATGR.PA: Midcap Partners cuts PT to EUR 7.9 from EUR 8.2; rating 'buy'

* Cerillion Plc CER.L: Liberum raises target price to 1700p from 1650p

* Chemring Group Plc CHG.L: Berenberg raises target price to 460p from 415p

* Continental AG CONG.DE: Bernstein initiates with underperform rating; PT EUR 54

* Diaceutics Plc DXRX.L: RBC raises target price to 165p from 145p

* Diageo DGE.L: UBS cuts target price to 2550p from 2600p

* Docmorris AG DOCM.S: UBS cuts target price to CHF 29 from CHF 31.9

* Douglas AG DOU1.DE: UBS raises target price to EUR 27 from EUR 26.5

* Ferrovial FER.MC: BofA Global Research raises price objective to EUR 37.50 from EUR 36.50

* FMC AG FMEG.DE: HSBC raises target price to EUR 39 from EUR 38

* Freenet AG FNTGn.DE: UBS raises to buy from neutral; raises target price to EUR 29 from EUR 25

* Fresenius SE FREG.DE: HSBC raises target price to EUR 38 from EUR 31

* Fresenius SE FREG.DE: HSBC raises to buy from hold

* Future Plc FUTR.L: Berenberg raises target price to 1310p from 850p

* Future Plc FUTR.L: Berenberg raises to buy from hold

* Gamma Communications Plc GAMA.L: Berenberg initiates with buy rating; PT 1980p

* Generali GASI.MI: Citigroup adds stock to its europe focus list

* Generali GASI.MI: Citigroup raises target price to EUR 28.7 from EUR 23.36

* Hapag-Lloyd AG HLAG.DE: UBS raises target price to EUR 106 from EUR 101

* Hydro NHY.OL: JP Morgan raises target price to NOK 84 from NOK 82

* IAG ICAG.MC: Raymond James raises target price to EUR 2.30 from EUR 2.25

* IDS IDSI.L: Bernstein raises target price to 345p from 300p

* ING Groep INGA.AS: Morgan Stanley raises target price to EUR 20 from EUR 19

* Intermediate Capital Group Plc ICGIN.L: Morgan Stanley raises PT to 2800p from 2600p

* JCDecaux JCDX.PA: Citigroup raises target price to EUR 22.3 from EUR 18.2

* Klepierre LOIM.PA: Citigroup raises to buy from sell; raises target price to EUR 32.5 from EUR 14.6

* Liontrust Asset Management Plc LIO.L: Deutsche Bank cuts to sell from hold

* Lloyds Banking Group LLOY.L: Morgan Stanley raises target price to 68p from 67p

* Logitech International SA LOGN.S: BofA Global Research raises price objective to CHF 102 from CHF 85

* Man Group EMG.L: Deutsche Bank raises target price to 325p from 315p

* Melrose Industries MRON.L: Stifel raises target price to 700p from 690p

* Michelin MICP.PA: Bernstein initiates with outperform rating; price target EUR 43

* NCC Group Plc NCCG.L: Liberum raises target price to 170p from 160p

* Nibe NIBEb.ST: Barclays cuts target price to SEK 34 from SEK 45

* Nibe NIBEB.ST: Barclays cuts to underweight from equal-weight

* Petershill Partners PHLL.L: BofA Global Research resumes coverage with buy rating; price objective 240p

* Pharming Group NV PHAR.AS: Stifel cuts target price to EUR 2 from EUR 2.05

* Pirelli & C SpA PIRC.MI: Bernstein initiates with market-perform rating; PT EUR 6.2

* Polar Capital Holdings Plc POLR.L: Deutsche Bank raises PT to 535p from 500p

* Proximus PROX.BR: HSBC raises target price to EUR 8 from EUR 7.3

* Renewi Plc RWI.L: Stifel raises target price to 780p from 730p

* RWE AG RWEG.DE: RBC cuts target price to EUR 52.5 from EUR 55

* Schibsted ASA SCHA.OL: Jefferies cuts target price to NOK 325 from NOK 380

* Stroeer SAXG.DE: JP Morgan raises target price to EUR 87 from EUR 75

* Trifork Group AG TRIFOR.CO: Berenberg cuts target price to DKK 150 from DKK 165

* UMG UMG.AS: JP Morgan raises target price to EUR 37 from EUR 36

* Valbiotis SA ALVAL.PA: Midcap Partners Places Valbiotis under review vs TP of EUR 9.2 and buy rating

* Valbiotis SA WAVE.PA: Portzamparc cuts PT to EUR 8 from EUR 11.8; rating 'buy'

* Wavestone SA WAVE.PA: Portzamparc raises PT to EUR 73.9 from EUR 72.1; rating 'buy'

* Wise Plc WISEa.L: Peel Hunt raises target price to 1,000p from 950p

* Zurich Insurance Group AG ZURN.S: Citigroup cuts target price to CHF 488 from CHF 490