N (buy) • Espirito downgrades NUM FP (sell), SocGen upgrades KPN NA (buy) & downgrades RMS FP • Swedebank downgrades MEO1V FH/NCC LN, MS downgrades ING FP, Raja cuts DGE LN, • Numis initiates BKY LN (buy), Pohjola upgrades AKTAV FH and LAT1V FH (buy) • Panmure upgrades GSK LN (buy), UBS cuts ENI IM/DB

LN, initiate BPOST BB (ow) ••• Nomura initiate BPOST BB (b), upgrade ALU FP, MS initiate BPOST BB (ew) • Barc downgrade URKA LI, SDF GY, +ve IN LN, ING FP, ING upgrade VST PW ••• SocGen downgrade BARC LN, CGM FP, RCF FP, upgrade KGH PW, ADN LN ••• GS downgrade AV/ LN, AGN NA, CS downgrade URKA LI, ICL