op) and ESV/HERO/NE/RDC/WFT (mp) and DO/RIGITDW (up) • Topeka initiates IMS (buy), William Blair upgrades FCN Europe Key Research: ••• MS upgrades RIO LN, Exane downgrades EKTAB SS, Kepler initiates NHY NO (b) & SIK VX (reduce) •••• Commerzbank upgrades MRK GY, Barclays strategy downgrades EM & upgrad

MCSA from U.S. 1 List, adds NWSA EFTA00390386 Europe Key Research: ••• JPM downgrade TT! LN, CS upgrade SLM SJ, MS upgrade DPW GY, Barc downgrade RIO LN, VED LN ••• BofAML downgrade BVS LN, BDEV LN, SAND SS, upgrade TW/ LN, Natixis downgrade CPR IM • HSBC upgrade VWS DC, upgrade JUN3 GY, JMT PL, Nat