HSBC downgrades VTBR LI, Jefferies upgrades O1BC GR and IMI LN (buy) & initiates AO LN (buy) • JPM initiates AO LN (ow), Kepler upgrades VIS SM and VOS GY/PSG SM/BDL SM (buy) • Nordea downgrades OTE1V FH (sell), UBS downgrades PC IM, CM-CIC downgrades EN FP (sell) • Kepler upgrades ZOT SM & cuts ROVI SM & reinstate