;••• JMP downgrades IRF, Wells initiates WAC (mp) Europe Key Research: ••• JP upgrade VK FP, initiate ESUR LN (ow), HTY LN (ow), downgrade RBS LN, ADM LN, GS initiate HTY LN (b), GLEN LN (n), ••• BofAML most pref: add ALV GY, remove RSL LN, least pref: add CS FP, SREN SW, remove AML LN, SLHN SW • Bo

pgrades GLE FP, Natixis downgrades PRY IM Key Research: Numis downgrades SPT LN, Barclays downgrades DOCK NO, DB downgrades EEEK GA, BofA upgrades ADM LN Key Research: UBS downgrades AKBNK TI, Barclays upgrades CRDA LN, UBS upgrades MPI LN, Exane downgrades RWE GY Key Research: Commerzbank cautious