PRI and SIAL (sell), Barcap initiates USAC (ow) • Key upgrades KNX/SWFT/HTLD (buy's) Europe Key Research: • Citi downgrade TCG LN, Nomura upgrade ETL FP, JPM upgrade BBVASM, LKOH RM, NEX FP • BofAML downgrade RICHT HB, CGL LN, upgrade KOZAL TI, reinstate ABE SM (n), ATL IM (up), ••• GS upgrade PGE P

speculation making the rounds Qataris to acquire Bankia's 12% stake (trading -1.3%) Abertis sells 7% of its 15% stake in Eutelsat to CIC for C385M (ETL FP trading +2.2%) William Hill receives non restricted gaming commission license for Nevada (trading +0.30%) Italy consumer confidence index falls a

grade IN LN, PWTN SW, MAQ downgrade DSV DC, SDF GY • Mirabaud upgrade ABI BB, RBC downgrade STHR LN, Investec upgrade GKN LN • HSBC upgrade WCH GY, ETL FP, downgrade SDF GY, TLPR LN, ICL IT, URKA LI • BofAML upgrade DEC FP, reinstate SGRO LN (b), Nordea upgrade ORNBV FH ••• Exane upgrade AAL LN, initi

downgrades CMA, CLSA downgrades MDLZ ••• BB&T upgrades TREX (buy), Bernstein downgrades EMR & initiates ETN (op) Europe Key Research: ••• Barc dig ETL FP, ALO FP, NLMK RM, u/g SOLB BB, MAGN RM, AVR LN, CHMF RM, +ve PSM GY, -ve SPR GY ••• BofAML downgrade RBS LN, upgrade AQP AU, GS downgrade SAND SS, i