er 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, SocGen initiates PMI IM (h) Reporting Pre-Open: AZZ, BBRY, EMMS, FI

iated NILE (buy), Piper EFTA00403752 initiates QDEL Key Research: (sell), Baird Key Research: Key Research: pt PSM GY Key Research: upgrade TOD IM) (ow), Nomura upgrades EBAY (buy), CS initiates ELX (up), Axiom downgrades PWER cuts S SocGen downgrades REE SM, Panmure downgrades AZN LN, MainF

ore initiates BXP (ow), DB upgrades JPM (buy), Raja cuts GMR, Imperial initiates PKOH (op) Europe Key Research: ••• HSBC European Luxury: (upgrade TOD IM, BOSS GY, TIF US / downgrade CDI FP & UHR VX / positive SFER IM & LUX IM) • MS: u/g CLN VX & AKZA NA / d/g VCT LN, WCH GY, LXS GY, SDF GY / Initiat