Raja & UBS cuts YUM Longbow initiates UPIP (mp) and CBM/SWK (neut's), Macquarie upgrades BRO, Wedbush initiates LNKD UBS cuts KGF LN, UBS upgrades BWY LN, Nomura upgrades TDC DC & cuts TLSN SS Citi cuts Insurance & Basic Res & upgrades Autos and Banks & cuts MEO1V FH & upgrades SU FP UBS adds GALP PL

N (sp), CS upgrades AN & cuts AN & initiates APU ••• Guggenheim initiates CLDX (buy), Numis downgrades DPZ Europe Key Research: • Citi add BET LN, BWY LN to key buy list — WMH LN, SIG LN cut, Barclays upgrades EBS AV & RIBH AV • UBS upgrade & add ARM LN to key call list — RBS LN removed, upgrade RRS L

, u/p ANA SM, EGPW IM, ELE SM, IBE SM) • Exane upgrade MPI LN, GS upgrade SGSN VX, Cantor initiates IHG LN &AC FP (buys) • JPM downgrades (BDEV LN, BWY LN, BVS LN, RDW LN, TW/ LN), SocGen downgrades (ADN LN, HGG LN, CABK SM, SK FP) • Bernstein Telecoms (u/g BT/A LN, dig FTE FP, positive: DTE GY, ILD F