wngrades SCCO, Raja upgrades OKSB, Macquarie downgrades SUSS ••• Susquehanna initiates XRX (pos), UBS upgrades CIEN (buy), CLSA upgrades AAPL (buy) Europe Key Research: ••• Bofa initiates GMS LN (buy), Exane BNP downgrades ML FP/CA FP/CO FP ••• ING downgrades ARCAD NA, JPM upgrades TKAAV/NCSP LN & downgrades AFLT

reduce), Citi downgrades MDP, PacCrest upgrades NFLX • Jefferies cuts NGLS/EPD, Baird upgrades SCTY, Stifel cuts R, Sterne Agee upgrades BOFI (buy) Europe Key Research: :••• Bofa downgrades SDRL NO/BAW SJ/ARTC DB & upgrades HTO GA (buy), Investec cuts DIA LN • Berenberg downgrades SZU GR (sell) & upgrades RSL LN,

Wells upgrades STJ, JPM upgrades CSCO, Raja downgrades LEAP RBC initiates VNTV (op) & downgrades MPW & upgrades RGLD, SunTrust initiates THO (buy) Europe Key Research: ••• UBS upgrades HGG LN & SDA1V FH, GS downgrades SPT LN & CORA NA, UBS downgrades LRE LN • Commerzbank upgrades WCH GY, JPM upgrades ADP FP & dow

, Stifel initiates FGEN (buy) and COG/APC/NFX/NBL (hold) • Wedbush initiates CSCO (op) and JNPR (neut), Lonbow downgrades LPX & upgrades LECO (buy) Europe Key Research: EFTA00357140 • Bofa downgrades BAYN GR/SHP LN/GSK LN/PGHN SW, Barcap downgrades ALV GRIHNR1 GR/MUV2 GR/PHNX LN & upgrades UNI IM • Berenberg in

(mp's) ••• Evercore initiates RJF (ow), Jeff downgrades CI & upgrades WLP (buy) ••• Bofa removes CMCSA 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, upgra

D, CS upgrades CBST, Raja downgrades SAVE/ADC, Key upgrades PPS ••• Needham upgrades ISIL (buy), Gabelli downgrades BLC (sell), Citi downgrades SQM Europe Key Research: ••• UBS downgrade TKA GY, TCY LN, JPM upgrade GKN LN, initiate BPOST BB (ow) ••• Nomura initiate BPOST BB (b), upgrade ALU FP, MS initiate BPOST B

uy), KBW upgrades AF/ETFC/TOL, DB upgrades AN, CS cuts VVVVW e Baird downgrades COH, JPM downgrades FCS, Raja downgrades TXNm DB upgrades UBS (buy) Europe Key Research: • UBS add LG FP to most pref - HOLN VX removed, upgrade TCELL TI, TRMK RM, PHOR RM, SZG GY, downgrade TAVHL TI, SHI LN • Barc initiate KYG ID (ow