N SW from CL Sell list, JPM downgrades PAG LN ••• Kepler upgrades NESTE FH, LBBW upgrades UBSG VX & downgrades ABBN VX, Numis upgrades JMAT LN ••• MainFirst upgrades DSV DC, PWTN SW, KNIN VX & downgrades MAERSKB DC, SEB downgrades KCR1V FH ••• SNS downgrades KPN NA, Sparebank downgrades TGS NO, Nordea up

upgrades YKBNK TI, ING initiates SIP BB (h) • JPM upgrades DEB LN, Kepler initiates IPG IM, Enskilda upgrades IJ SS, SocGen initiates INFO IN (h) • MainFirst initiates LUX IM (op), SFL IM 9op), Prada (op), SFER IM (op), TOD IM (up), BC IM (up) :••• MainFirst upgrades KER FP and downgrades CFR VX & RMS FP,

de ITV, Equita upgrade SNA IM, Intermonti downgrade CPR IM CBK downgrade SIE GY, CBK downgrade EOAN GY, Numis downgrade JPR LN Barc upgrade GEM IM, MainFirst upgrade SAZ GY, Chev downgrade DIA SM DB initiate TLX GY (hold), DB initiate SDRL NO (buy), Barc downgrade CPR IM HSBC downgrade EOAN GY, UBS downg

OD IM) (ow), Nomura upgrades EBAY (buy), CS initiates ELX (up), Axiom downgrades PWER cuts S SocGen downgrades REE SM, Panmure downgrades AZN LN, MainFirst upgrades MAN GY MainFirst upgrades SKYD GY, JPM cuts EN FP, CBS & MS upgrade FGP LN, DB raises JPM cable note (downgrade EON PL), Cheuvreux luxury

, Baird initiates SHW (neut) Key Research: Bofa upgrades JACK, BMO upgrades AIV, Wells downgrades R/RFMD & initiates RDEN/EL (op's) Key Research: MainFirst initiates construction sector (GEBN VX, AFGN SW, SIK SW, WIE AV, STR AV) Key Research: Exane initiates European Retailers (Apparel) Reporting Pre-

K downgrade SWEDA SS, KepChev pushing UBM LN & INF LN, Fidentis dig PIA IM ••• Natixis upgrade BATS LN, downgrade IMT LN, Exane upgrade SOLB BB ••• MainFirst downgrade AF FP, Numis initiate CWD LN (h), HSBC downgrade YAR NO ••• Jyske downgrade PNDORA DC, Espirito resume ZON PL (b), KBC downgrade WES NA E

downgrades NEX FP & TEMN SW, CS initiates European IT Services, CS LN ING initiates DE NA (hold), Numis downgrades IHG LN, BofA uprades PHIA NA & MainFirst downgrades ASML NA, BofA downgrades BVIC LN, ING downgrades OR FP Reporting Pre-Open: FAST, PGR, CBSH, EMMS, TRIB Reporting Post-Close: ANGO, CERE,