pe 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 HOLN SW (buy) • DB upgrad

des ININ, BMO cuts PKG, Williams Capital cuts NVE Europe Key Research: • CS downgrade ULVR LN, JMAT LN, GS cut TLPR LN from cony buy, reit cony buy MONI LN ••• UBS add to most pref & upgrade TCG LN, add FLU AV to least pref, reit buy PSON LN ••• JPM downgrade SWEDA SS, SMIN LN, Barc downgrade CRDA LN,