rades AKSO NO, Citi upgrades JPR LN & TNI LN and resumes COB LN (n), LBBW downgrades ASML NA ••• Macquarie upgrades NYR BB, Oddo upgrades ALPHY FP, Warburg initiates INH GR (buy), SocGen downgrades TATE LN Reporting Pre-Open: ACN, PAYX, KBH, GAGA, TENX, MTN Reporting Post-Close: JBL, FUL, WOR Economi

40 •••• Citi downgrades ADP FP/FHZN SW & initiates ELPE GA (neut), Natixis upgrades HOLN SW (buy) • DB upgrades LRE LN (buy) & cuts CPR LN (sell), Warburg upgrades SWVK GR (buy) ••• DnB upgrades TRYG DC, Exane BNP upgrades HOLN SW/LG FP, Equita upgrades LG FP ;••• Fidentiis upgrades BZU IM (buy), GS u