grades XOOM • JPM upgrades WHF/SC/AINV, B. Riley downgrades INTC, Steme Agee upgrades FDO Europe Key Research: • Citi upgrades PSM GR, CS upgrades CGL LN, CM-CIC upgrades ACA FP (buy) • DB resumes F IM (sell) & upgrades VOLV.B SS, Liberum upgrades CSR LN (buy) • Danske Bank downgrades ATRAV FH, Exane

HTLD (buy's) Europe Key Research: • Citi downgrade TCG LN, Nomura upgrade ETL FP, JPM upgrade BBVASM, LKOH RM, NEX FP • BofAML downgrade RICHT HB, CGL LN, upgrade KOZAL TI, reinstate ABE SM (n), ATL IM (up), ••• GS upgrade PGE PW, initiate BEZQ TI, HSBC downgrade PGE PW, UBS downgrade ELN ID, +ve PP F