Epstein Secrets

to most preferred list & removes POLY LN from least preferred list, DB downgrades OGKE RX ••• Citi downgrades RMV LN, Exane initiates ALIV SS (op), Bernstein upgrades REL LN, Macquarie downgrades TSCO LN • Davy upgrades WOS LN, Beka upgrades EBRO SM, Equinet downgrades VIH GY, Citi initiates ZPLA LN (n)

•••• Commerzbank upgrades MRK GY, Barclays strategy downgrades EM & upgrades Japan, Natixis downgrades IAM FP ••• Barclays reinstates ELPE GA (ew), Berenberg downgrades TATE LN, BofA remains cautious Greek Banks ••• UBS upgrades TATE LN & downgrades ERICB SS, JPM downgrades TATE LN & THR BB, Jefferies dow

lays downgrades ATL IM, Citi upgrades PNL NA ••• Liberum upgrades LMI LNM, Raja upgrades WOS LN, BofA downgrades ULE LN, KBC downgrades TNET BB ••• Bernstein initiates STJ LN (mp) & HU LN (up), Canaccord upgrades FLG LN and initiates DJI LN (h) ••• Carnegie downgrades STL NO & TGS NO, Handelsbanken upgrad

Capital One upgrades BXP • Piper initiates ASGN/TW/MAN (ow) and KFY/RHI (neut), RBC downgrades KBH Europe Key Research: ••• RBC downgrades HL/ LN, Berenberg upgrades IT IM, JPM downgrades BN FP & upgrades BSPB RU & NVTK LI EFTA00361932 •••• SocGen upgrades DCG LN, UBS upgrades AMEC LN, Barclays upgrade

), KBW initiates LEAF/ESNT (op) RBC downgrades AOL & upgrades HTLD, Raja upgrades BLMN/JBLU, UBS initiates PX (neut) ••• Jefferies downgrades SCHN, Bernstein upgrades SYK, Wells initiates UMBF (mp) Europe Key Research: • DNB downgrade MEO1V FH, Berenberg initiate LNZ AV (h) • Citi cut SDR LN from most p

nitiates PX (neut) ••• Jefferies downgrades SCHN, Bernstein upgrades SYK, Wells initiates UMBF (mp) Europe Key Research: • DNB downgrade MEO1V FH, Berenberg initiate LNZ AV (h) • Citi cut SDR LN from most pref, cut EMG LN from least pref, upgrade TALK LN ••• CBK upgrade FME CY, CS assume LISN SW (n), Ex

ades INCY ••• KBW downgrades NBBC/AMTD, Citi upgrades STR (buy), Compass Point upgrades LVS • Canaccord upgrades VZ (buy), MS & Bernstein cuts SNV, Bernstein upgrades COST EFTA00397164 Europe Key Research: • Exane Iberian Utilities: (reinitiate o/p EDP PL & GAS SM , neutral EDPR PL, u/p ANA SM, EGPW IM

TEF SM) • CS upgrades (STMN SW, NOBN VX, EVR LN), Citi upgrades ALU FP and downgrades KPN NA • DB downgrade ANDR AV & BNP FP and upgrades BAER VX, Berenberg downgrades BAER VX • Commerzbank German TMT (top picks IFX GY, UTDI GY, FNT GY, SKYD GY) • Barclays upgrades RMV LN and downgrades SIS IM, MS upgra