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wngrades AGK LN, JPM downgrades EUR PW, JPM downgrades EUR PW ▪ KBC upgrades EURN BB (buy), Mediobanca resumes CASS IM, Oddo upgrades RMS FP (buy), Oriel initiates DIA LN (buy) • Swedbank upgrades SNI NO (buy) & downgrades HPOL.B SS, Numis downgrades RWS LN, HSBC upgrades ERF FP • Raja downgrades SG
owngrades SEIC • JPM initiates ALL/AON/MMC (ow) and ACE/PGR/TRV (neut) and CB/UW (uw) & downgrades SLB • Macquarie upgrades SM, DB cuts DOV (sell), Mizuho downgrades WAG, Northland initiates PMCS (op) • Opco initiates NXPI (op) & upgrades AEO & downgrades APTO/SVU, Roth initiates NDRM/JYNT (buy) • RBC
TU LN, ATK LN, upgrade CLN VX, DB upgrade BG/ LN ••• MS add IHG LN to best ideas, BofAML downgrade PFV GY, MRW LN, NOEJ GY • Cana downgrade CSR LN, Oriel downgrade BBY LN, SGC LN, upgrade NEX LN ••• SocGen upgrade BBVA SM, Medio initiate MSK LN (op), Beren downgrade DIA IM, u/g ETL FP • RBC downgrade
iles (Q) 23.7M shares priced at $40 (top-end) US Key Research: ••• Barrington downgrades PODD, Evercore downgrades RAX, Janney downgrades CODI ••• Mizuho downgrades OFIX, Wells initiates INFI (op) & upgrades AWK, Brean cuts MFB ••• DB initiates KBR/FLR/CBI/PWR/MTZ (buys) & MDR/JEC (holds), Jefferies c
M GY, Numis downgrade MARS LN • Equita downgrade A2A IM, Numis downgrade IHG LN, Kepler Chev downgrade FRA GY, upgrade G1AGY MAQ downgrade NEOJ GY, Oriel downgrade HSX LN, Panmure downgrade SBRY LN, upgrade CMS LN Reporting Pre-Open: CTSH, LINTA, ALE, AOL, ARQL, ATRS, BIOD, BOFI, CASM, CBMX, CECE, CLM
s), APO, BIP, FLT, JMI, REN, ISIS, DE NA EFTA00390703 IPO's: Armada Hoffler Properties (AHH) 16.5M-shares priced at $11.50 US Key Research: ••• Mizuho upgrades MYGN (buy), Piper initiates CRI/PLCE (CRI), Citi upgrades AME (buy) & cuts IEX • Barcap upgrades BAX, Opco cuts CA/TWTC, Baird downgrades C
Entities connected to both Oriel and Mizuho

Lesley Groff
PERSONIke Groff
PERSON
Bloomberg L.P.
ORGANIZATION
Stanford University
LOCATIONNomura
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Barron
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Barack Obama
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Horizon
ORGANIZATIONJefferies
ORGANIZATIONBarcap
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Moody's
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Draghi
PERSONBaird
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Wells
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Seattle
LOCATIONCantor
PERSONMark Camey
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Toronto
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Washington D.C.
LOCATIONStifel
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