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 note (downgrade SFER IM & Reporting Pre-Ope

MEDAA SS • Kepler downgrades DIA IM, Titan Cement upgrades TITK GA, Liberum upgrades PSM GY (buy), KBC upgrades RCUS BB • Citi raises price target SKYD GY, Citi names DSM NA to most preferred list (replacing YAR NO), Sarasin upgrades VONN SW EFTA00386143 • BofA downgrades URKA LI, RBS downgrades RWE