M (buy), Citi downgrades G IM (sell), Barcap downgrades CCH LN • Alpha Value downgrades SWEDA SS, Berenberg initiates IFX GY (buy) & STM FP (sell), Mediobanca downgrades GAS SM • Berenberg initiates ELIS FP (buy), Macquarie initiates LGEN LN (up), Nordea downgrades KESBV FH & upgrades NDX SS ••• HSBC do

ERA NO/NETB SS EFTA00370758 ••• Kepler upgrades LNZ AV (buy), Swedebank downgrades ERICB SS, Pareto cuts HEX NO (sell) DB upgrades PHOR RU (buy), Mediobanca upgrades MSK IM, Berenberg upgrades TKA AV ••• HSBC downgrades RRS LN/HOC LN & upgrades ABG LN, MS downgrades UMI BB ••• SEB Enskilda upgrades TLSN

• GS downgrades FLU AV and KNIN SW (sell), Jefferies downgrades AGK LN, JPM downgrades EUR PW, JPM downgrades EUR PW ▪ KBC upgrades EURN BB (buy), Mediobanca resumes CASS IM, Oddo upgrades RMS FP (buy), Oriel initiates DIA LN (buy) • Swedbank upgrades SNI NO (buy) & downgrades HPOL.B SS, Numis downgrades

DB downgrade DANSKE DC, upgrade DMGT LN, Exane upgrade TSCO LN, Chev downgrade TLSN NO ••• Swedbank downgrade GETIB SS, NOVOB DC, upgrade RATOA SS, Mediobanca upgrade SWEDA SS • Natixis downgrade NOVOB DC, upgrade NESN VX, Bere upgrade ROS AV, SEB downgrade CARLB DC ••• Nordea downgrade CRA1V FH, downgrad