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The following is a list of European stocks that have seen a significant decrease in shares shorted between 9/30 - 12/31.

Short sellers seem to think the upside potential outweighs the downside potential of these names--what do you think? Full details below.

Short trends data sourced from AOL Money, short float and performance data sourced from Finviz.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research. Note: The numbers on top of items represent the forward P/E ratio, if available.

The list has been sorted by the change in shares shorted over the last three months. (Note: All short trends described occur between 9/30 - 12/31)

1. Tyco International Ltd. (NYSE:TYC): Switzerland. Diversified Machinery Industry. Market cap of $21.72B. Shares shorted have decreased from 15.86M to 4.81M over the last three months. Short float at 0.98%, which implies a short ratio of 1.25 days. The stock has gained 18.73% over the last year.

2. ACE Limited (NYSE:ACE): Switzerland. Property & Casualty Insurance Industry. Market cap of $20.56B. Shares shorted have decreased from 6.91M to 2.29M over the last three months. Short float at 0.68%, which implies a short ratio of 1.31 days. The stock has gained 27.19% over the last year.

3. National Bank of Greece SA (NYSE:NBG): Greece. Money Center Banks Industry. Market cap of $5.26B. Shares shorted have decreased from 11.53M to 4.37M over the last three months. Short float at 0.15%, which implies a short ratio of 0.75 days. The stock has lost -61.72% over the last year.

4. Accenture plc (NYSE:ACN): Ireland. Management Services Industry. Market cap of $35.03B. Shares shorted have decreased from 9.73M to 4.07M over the last three months. Short float at 1.29%, which implies a short ratio of 1.15 days. The stock has gained 17.54% over the last year.

5. Warner Chilcott plc (NASDAQ:WCRX): Ireland. Drug Manufacturer. Market cap of $5.97B. Shares shorted have decreased from 7.9M to 3.4M over the last three months. Short float at 1.38%, which implies a short ratio of 1.41 days. The stock has gained 17.68% over the last year.

6. Deutsche Bank AG (NYSE:DB): Germany. Foreign Money Center Banks Industry. Market cap of $35.87B. Shares shorted have decreased from 6.26M to 2.84M over the last three months. Short float at 0.47%, which implies a short ratio of 2.71 days. The stock has lost -15.33% over the last year.

7. Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA): Spain. Foreign Regional Banks Industry. Market cap of $43.40B. Shares shorted have decreased from 10.14M to 4.79M over the last three months. Short float at 0.14%, which implies a short ratio of 1.62 days. The stock has lost -32% over the last year.

8. The Governor and Company of The Bank of Ireland (NYSE:IRE): Ireland. Foreign Regional Banks Industry. Market cap of $3.18B. Shares shorted have decreased from 1.84M to 1M over the last three months. Short float at 0.08%, which implies a short ratio of 0.07 days. The stock has lost -72% over the last year.

9. STMicroelectronics NV (NYSE:STM): Switzerland. Semiconductor Industry. Market cap of $10.43B. Shares shorted have decreased from 9.06M to 5.03M over the last three months. Short float at 0.8%, which implies a short ratio of 3.25 days. The stock has gained 38.69% over the last year.

10. Tyco Electronics, Ltd. (NYSE:TEL): Switzerland. Diversified Electronics Industry. Market cap of $15.99B. Shares shorted have decreased from 3.87M to 2.19M over the last three months. Short float at 0.49%, which implies a short ratio of 1.18 days. The stock has gained 44.24% over the last year.

11. Qiagen NV (NASDAQ:QGEN): Netherlands. Biotechnology Industry. Market cap of $4.38B. Shares shorted have decreased from 9.14M to 5.42M over the last three months. Short float at 2.41%, which implies a short ratio of 4.24 days. The stock has lost -19.67% over the last year.

12. SAP AG (NYSE:SAP): Germany. Application Software Industry. Market cap of $64.66B. Shares shorted have decreased from 9.48M to 5.87M over the last three months. Short float at 0.66%, which implies a short ratio of 4.11 days. The stock has gained 12.21% over the last year.

13. ARM Holdings plc (NASDAQ:ARMH): United Kingdom. Semiconductor Industry. Market cap of $11.34B. Shares shorted have decreased from 15.71M to 9.79M over the last three months. Short float at 2.25%, which implies a short ratio of 2.38 days. The stock has gained 182.24% over the last year.

14. ING Groep NV (NYSE:ING): Netherlands. Life Insurance Industry. Market cap of $39.18B. Shares shorted have decreased from 2.54M to 1.62M over the last three months. Short float at 0.04%, which implies a short ratio of 0.62 days. The stock has gained 2.88% over the last year.

15. Seagate Technology PLC (NASDAQ:STX): Ireland. Data Storage Devices Industry. Market cap of $6.66B. Shares shorted have decreased from 15.08M to 9.71M over the last three months. Short float at 2.09%, which implies a short ratio of 0.81 days. The stock has lost -20.44% over the last year.

16. BP plc (NYSE:BP): United Kingdom. Major Integrated Oil & Gas Industry. Market cap of $150.97B. Shares shorted have decreased from 10.29M to 6.95M over the last three months. Short float at 0.22%, which implies a short ratio of 0.73 days. The stock has lost -18.53% over the last year.

17. ASML Holding NV (NASDAQ:ASML): Netherlands. Semiconductor Equipment & Materials Industry. Market cap of $16.13B. Shares shorted have decreased from 5.56M to 3.98M over the last three months. Short float at 0.92%, which implies a short ratio of 1.46 days. The stock has gained 12.94% over the last year.

18. Flagstone Reinsurance Holdings SA (FSR): Luxembourg. Property & Casualty Insurance Industry. Market cap of $952.78M. Shares shorted have decreased from 1.99M to 1.44M over the last three months. Short float at 2.46%, which implies a short ratio of 10.9 days. The stock has gained 16.37% over the last year.

19. Vodafone Group plc (NASDAQ:VOD): United Kingdom. Wireless Communications Industry. Market cap of $149.32B. Shares shorted have decreased from 10.26M to 7.46M over the last three months. Short float at 0.14%, which implies a short ratio of 1.03 days. The stock has gained 30.38% over the last year.

20. Credit Suisse Group (NYSE:CS): Switzerland. Foreign Money Center Banks Industry. Market cap of $52.65B. Shares shorted have decreased from 1.81M to 1.32M over the last three months. Short float at 0.11%, which implies a short ratio of 1.13 days. The stock has lost -6.1% over the last year.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: 20 European Stocks Being Avoided by Short Sellers