ist, JPM downgrades PAG LN ••• Kepler upgrades NESTE FH, LBBW upgrades UBSG VX & downgrades ABBN VX, Numis upgrades JMAT LN ••• MainFirst upgrades DSV DC, PWTN SW, KNIN VX & downgrades MAERSKB DC, SEB downgrades KCR1V FH ••• SNS downgrades KPN NA, Sparebank downgrades TGS NO, Nordea upgrades PRS NO R

pgrades LSI, Maxim initiates KORS ••• BMO downgrades ST, DB downgrades X Europe Key Research: ••• RBC initiate HNR1 GY (b), SCR FP (op), downgrade DSV DC ••• GS upgrade PFC LN, PRS NO, downgrade FUR NA, SBMO NA, TEC FP • Citi downgrade UMI BB, GAS SM, initiate AMEAS FH (b), WDF IM (b), YOOX IM (n) •

ICL IT ••• Citi downgrade URKA LI, SDF GY, names SSE LN least pref — replace PNN LN ••• DBK downgrade NXT LN, upgrade 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,