N, upgrade MONY LN, PER LN, NHY NO • Mainfirst downgrade SFER IM, Nordea downgrade SWECB SS, Numis upgrade PSN LN • UBS downgrade KINVB SS, RMV LN, FNTN GY, upgrade AVV LN, SAP GY, Lampe upgrade GIB GY Reporting Pre-Open: MON, STZ, AZZ GBX, MSM, RPM, SCHN, SEED, UNF Reporting Post-Close: BBBY, GPN, MG,

FP most preferred, Bern upgrade LLOY LN HSBC upgrade MKS LN, Swedbank downgrade GN DC, ABN initiate KPN NA (hold) UBS upgrade IMG LN, HSBC upgrade FNTN GY, DB downgrade MEL SM BofA downgrade RRS LN, UBS upgrade VIE FP, SocGen upgrade BEN FP GS upgrade HMB SS, CS upgrade SECUB SS, SocGen upgrade BARN S