LONDON, Dec 4 (Reuters) - European shares fell on Friday, extending steep losses from the previous session when the European Central Bank's new stimulus measures disappointed some investors, with bearish broker updates hurting companies such as Sandvik and Whitbread.
The pan-European FTSEurofirst 300 index was down 0.2 percent at 1,460.34 points, a day after slumping 3.3 percent to record its biggest one-day fall since late August.
Sandvik fell 3.8 percent after JP Morgan cut its rating on the company to "underweight" from "neutral" and lowered its target price for the stock.
Whitbread shares dropped 2.9 percent after Barclays cut its stance on the stock to "equal weight" from "overweight" and lowered its price target to 5,200 pence from 5,800 pence.
On the positive side, insurer AXA rose 5 percent after setting a range for its solvency ratio under the European industry's new capital rules, which AXA said would allow it to pay higher dividends and invest in growing its business. (Reporting by Atul Prakash; Editing by Sudip Kar-Gupta)