** UPS & DOWNS **
+ RYANAIR RAISED TO `BUY’ FROM `NEUTRAL’ AT UBS
+ ADIDAS RAISED TO `BUY’ FROM `NEUTRAL’ AT UBS
+ XSTRATA PRICE ESTIMATE RAISED 10% TO 2200P AT MORGAN STANLEY
+ CABLE & WIRELESS PRICE EST. RAISED TO 100P AT MORGAN STANLEY
+ AVIVA PRICE ESTIMATE RAISED TO 926P FROM 896P AT LEHMAN
+ LVMH SHARE-PRICE ESTIMATE RAISED TO EU90 VS EU85 AT JPMORGAN
+ AVIVA SHARE-PRICE ESTIMATE RAISED TO 850P VS 800P AT JPMORGAN
+ TOTAL ADDED TO `FOCUS LIST’ AT ING
+ MUNICH RE ADDED TO `FOCUS LIST’ AT ING
+ AVIVA SHARE-PRICE ESTIMATE RAISED TO 871P FROM 767P AT HSBC
+ LLOYDS TSB PRICE ESTIMATE RAISED TO 530P FROM 470P AT HSBC
+ ROYAL BANK OF SCOTLAND PRICE ESTIMATE RAISED TO 2100P AT HSBC
- ADIDAS SHARE-PRICE ESTIMATE CUT TO EU163 VS EU167 AT JPMORGAN
- SWISS RE PRICE ESTIMATE CUT TO SF105 FROM SF110 AT JPMORGAN
- ENI CUT FROM `FOCUS LIST’ AT ING
- LLOYDS TSB CUT TO `UNDERPERFORM’ FROM `IN’LINE’ AT GOLDMAN
- SBM OFFSHORE CUT TO `IN LINE’ FROM `OUTPERFORM’ AT GOLDMAN
- DEUTSCHE TELEKOM PRICE ESTIMATE CUT TO EU17.1 VS EU17.7 AT UBS