B upgrade PRS NO ••• BofAML add NOK1V FH, upgrade PNL NA, downgrade UBSN VX ••• HSBC upgrade EBS AV, UCG IM, Natixis downgrade SWMA SS • Exane add GRF SM to key ideas, Oddo downgrade DIA SM IMI downgrade MB IM, KepChev downgrade BSA GR, DBK d/g VOE AV, AZM IM Reporting Pre-Open: ADP, AMT, BWA, CMCSA,

v 10%, positive outlook, revs inline, good start to year (trading +5.6%) Grifols competitor Baxter gets FDA approval for Gammagard (MMN treatment) (GRF SM trading -0.41%) Absa Group profit warning mainly due to higher provisions, likely from legacy mortgages (trading -8.1%) Germany July GfK consumer