FT (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 & upgrades Japan, Natixis downgr

LN (ow), reinstate TEG GY (ow), Nomura downgrade EDEN FP, DB upgrade ITX SM • JPM upgrade HLCL LN, downgrade AOX GY, DEB LN, RGU LN, GRI LN, remove EKTAB from analyst focus list • BERN positive on Luxury: (CFR VX, 1913 HK (Prada), MC FP (op), BRBY LN, PP FP, UHR VX (mp), RMS FP (up) ••• Citi upgrade