downgrades HSP & initiates AYR (ow), UBS downgrades NGG Key Research: Citi upgrades KSU/HEI.GR (buys) & downgrades MLM (sell), RBS downgrades some Euro Airlines Key Research: GS initiates CHSI (neutral), MF Global upgrades VOD.LN (conviction buy), Brean upgrades MGM (buy) Key Research: Da Davidson initiate