es SNDK, BB&T cuts WNC Europe Key Research: EFTA00387194 •••• GS downgrade MTELEKOM HB, upgrade KGH PW, Nordea downgrade TTM1V FH ••• UBS remove VOD LN from global top 40 pick, SUBC NO added to least pref, Espirito u/g BT/A LN, - JPM u/g EZJ LN, RYA ID, PC IM, TRU SJ, CLS SJ - dig LHA GY, SMIN LN, U

MN 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 ENI IM, MS upgra

W, 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 IM HSBC upgrade

UM) defections over bonus caps (Bloomberg headline) • VodafoneNerizon: Verizon said to seek resolution of its relationship with Vodafone this year (VOD LN +6.5%) • KPN says it still plans rights issue of about €3B as announced on Feb 20 says spokesman (Reuters) (trading -0.25%) • Hermes/Mulberry: Da