lls upgrades LII Europe Key Research: • Banca IMI upgrades TFI IM, Banco Santander upgrades CABK SM, Barcap upgrades GRT SJ • Berenberg downgrades OSR GR/ZAG AV/BRBY LN/MONI LN, CS reinstates FP FP (op) EFTA00371440 •••• Citi downgrades ADP FP/FHZN SW & initiates ELPE GA (neut), Natixis upgrades HOL