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From DealingFloor:

** UPS & DOWNS **

+ BNP PARIBAS PRICE ESTIMATE RAISED TO EU75 FROM EU65 AT ING
+ SUEZ RAISED TO `BUY’ FROM `HOLD’ AT DEUTSCHE BANK
+ BANCO POPULAR RAISED TO `NEUTRAL’ AT CREDIT SUISSE
+ VEDIOR PRICE ESTIMATE RAISED TO EU17.5 AT GOLDMAN SACHS
+ RANDSTAD PRICE ESTIMATE RAISED 23% TO EU51 AT GOLDMAN SACHS
+ LAFARGE PRICE EST. RAISED 11% TO EU100 AT CREDIT SUISSE
+ ADECCO PRICE ESTIMATE RAISED 20% TO SF90 AT GOLDMAN SACHS

- THOMSON CUT TO `EQUAL-WEIGHT’ AT MORGAN STANLEY
- GENERALE DE SANTE CUT TO `NEUTRAL’ VS `OVERWEIGHT’ AT JPMORGAN
- PALM CUT TO `UNDERWEIGHT’ AT LEHMAN
- VEOLIA CUT TO `NEUTRAL’ FROM `BUY’ AT MERRILL LYNCH

**TRADING HEADLINES **

- Lafarge Offers $3 Billion to Minority Shareholders of North American Unit
- Russia’s Comstar to Raise at Least $1 Billion in Share Sale, Investors Say
- Euronext Says 2005 Earnings Beat Its Own Forecast, Considers Share Buyback
- Toshiba to Buy Westinghouse for $5.4 Billion as Nuclear Power Gains Favor
- ECB Is Vigilant, Ready to Raise Interest Rates `at Any Time,’ Trichet Says
- China Marine to Buy Dutch Container Rival Burg Industries for $132 Million
- Exxon, Shell Lose Access to Fields as China, India Increase Drive for Oil

** IN PLAY TODAY **

- Akzo reported Q4 net earnings of EUR 317m (195m expected). Akzo said it will
seperate its Organon unit within 2-3 years. Co says it’s in a strong position to
accelerate growth.

- KPN reports 4Q net income of EUR 604m (368m estimated) on net sales of 3.03b (3.09b consensus).Outlook for 2006 reflects “increased confidence

Source: Tuesday's Market -- Morning View From Europe