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From DealingFloor:

** EUROPE: UPS & DOWNS **

+ ALCOA PRICE ESTIMATE RAISED 8.1% TO $40 AT CREDIT SUISSE
+ DEUTSCHE BOERSE PRICE EST. RAISED TO EU109.6 VS EU100 AT UBS
+ MITCHELLS & BUTLERS PRICE EST. RAISED TO 490P VS 405P AT UBS
+ ANGLO AMERICAN RAISED TO `BUY’ FROM `HOLD’ AT DEUTSCHE BANK
+ XSTRATA RAISED TO `BUY’ FROM `HOLD’ AT DEUTSCHE BANK :XTA LN
+ SWISS LIFE RAISED TO `BUY’ FROM `NEUTRAL’ AT MERRILL LYNCH
+ SANOFI RAISED TO `NEUTRAL’ FROM `UNDERWEIGHT’ AT CREDIT SUISSE
+ ROLLS-ROYCE PRICE ESTIMATE RAISED TO 550P VS 350P AT ABN AMRO
+ SANOFI-AVENTIS PRICE EST. RAISED TO EU88 AT MORGAN STANLEY
+ E.ON PRICE EST. RAISED TO EU110 FROM EU94.6 AT CREDIT SUISSE
+ RWE PRICE ESTIMATE RAISED TO EU83 FROM EU59.5 AT CREDIT SUISSE
+ RWE RAISED TO `OUTPERFORM’ VS. `NEUTRAL’ AT CREDIT SUISSE
+ RICHEMONT PRICE ESTIMATE RAISED TO SF74 FROM SF70 AT HSBC
+ HBOS RAISED TO `NEUTRAL’ VS. `UNDERPERFORM’ AT CREDIT SUISSE
+ UMICORE TARGET PRICE RAISED TO EU148 FROM EU135 AT ING

- FRONTIER OIL CORP. CUT TO `UNDERPERFORM’ AT CREDIT SUISSE
- GRUPO MEDIA CAPITAL CUT FROM `NEUTRAL’ AT CREDIT SUISE

** EU HEADLINES **

- ECB’s Liebscher Signals June Interest Rate Increase as Economy Picks Up
- European Stocks May Decline on Interest-Rate Rise Concerns; Banks May Fall
- London’s Most-Expensive Properties Gain Most in 5 Years, Knight Frank Says

** EUROPE: IN PLAY TODAY **

- Air France-KLM’s CEO warned that the airline will “disappear

Source: Tuesday Morning View From Europe