des LXS GR & HHFA GY, Exane upgrades CNP FP & downgrades DLG LN • HSBC downgrades HHFA GR, JPM reinstates KIE LN (ow), Kepler initiates El FP (buy), Liberum upgrades RPS LN • Landesbank downgrades SIE GY & upgrades BOSS GY, MS downgrades TEVA IT, Natixis downgrades BZU IM Reporting Pre-Open: TSN, ALX, C

LN & POLY LN, SocGen downgrades RF FP, Citi upgrades TCG LN, Swedbank upgrades MEDAA SS • Kepler downgrades DIA IM, Titan Cement upgrades TITK GA, Liberum upgrades PSM GY (buy), KBC upgrades RCUS BB • Citi raises price target SKYD GY, Citi names DSM NA to most preferred list (replacing YAR NO), Sarasi

s FDO Europe Key Research: • Citi upgrades PSM GR, CS upgrades CGL LN, CM-CIC upgrades ACA FP (buy) • DB resumes F IM (sell) & upgrades VOLV.B SS, Liberum upgrades CSR LN (buy) • Danske Bank downgrades ATRAV FH, Exane upgrades VIE FP/DNB NO/SEV FP • Equinet upgrades DB1 GR & downgrades G1A GR, Numis u

MS downgrades WM Key Research: Longbow cuts USG, Citi downgrades PNW & 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-Op

iates PSTG (pert), Stifel upgrades ARCB (buy) & cuts SNCR • Longbow downgrades BWLD & upgrades KMT, Piper downgrades PACB Europe Key Research: ••• Liberum upgrades SDF GY & ICL IT, Jefferies initiates SRG IM (buy), Citi downgrades G IM (sell), Barcap downgrades CCH LN • Alpha Value downgrades SWEDA SS

w), upgrade PC IM, • Nordea upgrade ROCKB DC, Numis downgrade ICP LN, MS upgrade SGC LN • UBS downgrade ANTO LN, initiate MUV2 GY (b), SREN VX (n), Liberum initiate APR LN (s) Reporting Pre-Open: ANF, DLTR, GME, PDCO, TGT, BKE, BONT, BRC, CATO, CRRC, CYBX, DCI, DEST, EDAP, KIRK, LQDT, PACT, PERY, RAVN,

R IM, ULVR LN) ▪ DB downgrades PC IM, reit underperform NOK1V FH, CS downgrade Turkish Banks, Citi downgrade LONN VX ••• Chevreux downgrade GEO IM, Liberum upgrade NGI LN, Davy downgrade KNIN VX & upgrade TNTE NA, Exane downgrade BIM FP ••• Citi initiate TUI1 GY (b), downgrade NORD LI, SocGen downgrade

upgrades HEIJM NA, Investec downgrades UKM LN • BofA upgrades NRE1V FH, JPM downgrades ENG PW, Barclays 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 u