AV to least preferred & UBS upgrades TW/ LN HSBC downgrades ANDR AV/downgrades VOLVB SS, Exane upgrades DXNS LN GS upgrades MC FP, BEREN initiates CPI LN (b), BEREN upgrades ITK LN & initiates BAB LN (b) Citi initiates TRELB SS (b) & upgrades PNN LN, BEREN initiates SRP LN (h), MS cuts BZU IM Reporti

FLU AV to least pref, reit buy PSON LN ••• JPM downgrade SWEDA SS, SMIN LN, Barc downgrade CRDA LN, GIVN VX • BofAML upgrade SXS LN, RBC downgrade CPI LN, SocGen initiate FNAC LN (b) •••• JEFF initiate LHA GY (b), IAG (b), AF FP (up), EZJ LN (h), RYA ID (b) • DBK downgrade SWEDA SS, KepChev pushing U