C 10,285 Arca dis NV (Netherlands) Leading engineering and consultancy firm, with strong leading positions in the US, Europe and the UK (Ticker: ARCAD NA) Recovering end markets (U.S. architect index & early European recovery indicated by permits & planning); high ROIL; large accretive acquisition e

00329453 • Handelsbanken upgrades BRG NO, SEB downgrades ABBN VX, Akros initiates ANIM IM (accumulate), CBK downgrades WCH GY • Rabobank upgrades ARCAD NA, Danske upgrades MAERSKB DC & LUN DC and downgrades KCR1V FH, CS downgrades MGNT LI ••• Natixis downgrades FUM1V FH, Fidentis initiates INW IM (buy

EN (buy), CLSA upgrades AAPL (buy) Europe Key Research: ••• Bofa initiates GMS LN (buy), Exane BNP downgrades ML FP/CA FP/CO FP ••• ING downgrades ARCAD NA, JPM upgrades TKAAV/NCSP LN & downgrades AFLT RU ••• Natixis upgrades MTU FP/ALO FP & cuts NOVN SW, Barcap upgrades DANSKE DC ••• Nomura downgrades