grades ENEL IM, Swedbank downgrades YAR NO, DB upgrades FP FP, HSBC upgrades EFTA00400427 Key Research: RBC upgrades ERICB SS, DB upgrades ETI FP, Berenberg initiates JAZ SM, Investec downgrades UBM LN Key Research: Raja initiates Prada (1913 HK) (mp), CS initiates ITX SM (up), Exane upgrades ARM LN, DB

a initiates Prada (1913 HK) (mp), CS initiates ITX SM (up), Exane upgrades ARM LN, DB downgrades RDSA LN Key Research: Berenberg downgrades SAN FP, Berenberg downgrades RBI AV & EBS AV, Berenberg initiates KBC BB (buy) Reporting Pre-Open: CONN, LDK Reporting Post-Close: CWST, PBY Economic Data: Markit

es UBM LN Key Research: Raja initiates Prada (1913 HK) (mp), CS initiates ITX SM (up), Exane upgrades ARM LN, DB downgrades RDSA LN Key Research: Berenberg downgrades SAN FP, Berenberg downgrades RBI AV & EBS AV, Berenberg initiates KBC BB (buy) Reporting Pre-Open: CONN, LDK Reporting Post-Close: CWST

N, MS upgrade KRKA PW, RBC upgrade SVT LN, Kepler upgrade RCO FP MS upgrade ENI IM, MS downgrade REP SM, GS upgrade SWMA SS, Numis downgrade 117 LN Berenberg downgrade VOD LN, Berenberg downgrade LG FP, CS downgrade ELI1V FH CS upgrade TDC DC, Exane upgrade DELB BB, BofAML upgrade PFG SJ, Akros cuts BMPS

pgrade SVT LN, Kepler upgrade RCO FP MS upgrade ENI IM, MS downgrade REP SM, GS upgrade SWMA SS, Numis downgrade 117 LN Berenberg downgrade VOD LN, Berenberg downgrade LG FP, CS downgrade ELI1V FH CS upgrade TDC DC, Exane upgrade DELB BB, BofAML upgrade PFG SJ, Akros cuts BMPS IM HSBC upgrade DEB LN, Cit

••• Kepler upgrades LNZ AV (buy), Swedebank downgrades ERICB SS, Pareto cuts HEX NO (sell) DB upgrades PHOR RU (buy), Mediobanca upgrades MSK IM, Berenberg upgrades TKA AV ••• HSBC downgrades RRS LN/HOC LN & upgrades ABG LN, MS downgrades UMI BB ••• SEB Enskilda upgrades TLSN SS and UNR1V FH (buy) & cu

ades ZOT SM & cuts ROVI SM & reinstates SCYR SM (buy) and FCC SM (reduce) • Canaccord cuts SYR LN (sell) & upgrades ABC LN & initiates GMS LN (buy), Berenberg upgrades LEI GR (buy) Reporting Post-Close: MY, SHLM, TISI, ZEP Economic Data: Consumer Credit @ 3pm Fed Speakers: Bullard @ 11:45am (LA) Confere

earch: Nomura upgrades ITV LN, Vontobel downgrades BAER VX, Canaccord downgrades AV/ LN Key Research: Citi upgrades DELB BB, MS downgrades PSON LN, Berenberg upgrades TDC DC, Key Research: UBS upgrades ELN ID, BofA initiates GENL LN (buy), Commerzbank downgrades EOAN GY Reporting Pre-Open: EL, HD, TJX,

upgrades WCH GY, Redburn upgrades ITX SM Key Research: UBS upgrades LXS GY, Liberum downgrades LLOY LN, Canaccord downgrades SAB LN Key Research: Berenberg upgrades MTX GY, DB upgrades TFI FP, UBS downgrades LIN GY Reporting Pre-Open: MASC Reporting Post-Close: MAR, MSW, PRXI, TXI EFTA00408947 Econo

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

's: City Office REIT (OFFC) files for $115M IPO through Janney and Wunderlich US Key Research: Bofa upgrades IART & cuts TCS, Barcap cuts HUMIMGLN, Berenberg cuts VECO • BMO downgrades LLY, BTIG initiates BSX/ELGX/STJ (buy) & MDT (neut) ••• Compass point downgrades KFN, CRT initiates RGRISWHC (buy) •••

RI, MHO, EDEN FP, DANSKE DC IPO's: Tetraphase Pharmaceuticals (TTPH) pricing 3/19, Enanta Pharmaceuticals (ENTA) pricing 3/20 US Key Research: ••• Berenberg downgrades AAPUCNH/Samsung (sells), Atlantic initiates COV & VAR (ow's) ••• Multiple BFAM initiations, Citi downgrades JCP, GS removes QCOM from con

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

S downgrades DSV DC & initiates EPAM (buy) & upgrades NUE/STLD (buy's) Enskilda downgrades HMB SS, HSBC downgrades AIXA GY/VIP, Exane positive LLOY Berenberg upgrades IFX GY, Exane upgrades ANTO LN, Jefferies upgrades COF/EXM SocGen initiates IHG LN with sell, CLSA upgrades CL, BMO upgrades GPS Reporting

EVA • Wells downgrades HSH, Citi downgrades AMP, CS downgrades SFY Europe Key Research: ••• GS upgrades DRX LN & reiterates conviction buy BNP FP, Berenberg downgrades CPI LN & AKZA NA • DB upgrades MS IM, CS downgrades SFER IM, GS reinstates BET LN (buy), SocGen downgrades RBS LN • UBS downgrades OPHR

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

pgrades SDF GY & ICL IT, Jefferies initiates SRG IM (buy), Citi downgrades G IM (sell), Barcap downgrades CCH LN • Alpha Value downgrades SWEDA SS, Berenberg initiates IFX GY (buy) & STM FP (sell), Mediobanca downgrades GAS SM • Berenberg initiates ELIS FP (buy), Macquarie initiates LGEN LN (up), Nordea

itto Mist and President Britto Central USA Sir Richard Chairman Tesco Plc United Kingdom Broadbent Andreas Brodtmann Managing Partner Joh. Berenberg, Gossler & Co. Germany KG Matthew Bromberg Vice-President, Corporate Strategy & United Technologies USA Development Corporation (UTC) Beth A.

•••• 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