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 RU ••• Natixis upgrades MTU FP/ALO FP & cuts

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 upgrades TRYG DC and VIG AV (buy) & cuts STL NO ••• HSBC dow