des KCR1V FH, Natixis upgrades SBO AV ••• JPM adds LAND LN to focus list, Main First upgrades SREN VX, Swedbank upgrades MEDAA SS ••• Raja upgrades ITX SM, Espirito downgrades KD8 GY, Peel Hunt initiates STGR LN (buy), RBC upgrades GFS LN ••• SocGen downgrades IAP LN, Natixis upgrades KBC BB &ARM LN R

IN LN, EUR PW, EMMN SW, upgrade EXPN LN, PFL LN, LISN SW, remove OMV from least pref • BofAML Global Apparel: (downgrade HMB SS, upgrade DEB LN, +ve ITX SM), upgrade VOD LN, -ve UG FP, SPM IM • CS downgrade LMI LN, upgrade DNB NO, ARM LN, JPM upgrade SLHN VX, downgrade UBM LN, OUT1V FH • Citi downgrade

RICB 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 downgrades RDSA LN Key Research: Berenberg downgrades SAN FP, Berenberg downgrades RBI AV & EBS AV, Berenberg initi

ow), Citi upgrade TNET BB, CS downgrade SW FP, BofAML remove SOLB BB from Europe 1 list e DB upgrade UBSN VX, BNP FP, GS add MC FP, BRBY LN, REE SM, ITX SM to cony buy list — SFER IM removed • HSBC upgrade SBS GY, JPM downgrade MLP GY, RAL FP, CO FP, RBC upgrade FRES LN • MS upgrade FUM1V FH, Fl IM, do