Kepler initiates NHY NO (b) & SIK VX (reduce) •••• Commerzbank upgrades MRK GY, Barclays strategy downgrades EM & upgrades Japan, Natixis downgrades IAM FP ••• Barclays reinstates ELPE GA (ew), Berenberg downgrades TATE LN, BofA remains cautious Greek Banks ••• UBS upgrades TATE LN & downgrades ERICB S