ades WCH GY, JPM upgrades ADP FP & downgrades FFtA GY, Baader downgrades BEI GY ••• Kepler initiates F IM (reduce) & HAW GY (buy), Nordea downgrades VWS DC, Exane upgrades CBK GY ••• Investec upgrades HSBA LN, Shorecap downgrades DGE LN, HSBC adds LHA GY to Europe Super Ten portfolio ••• UBS positive A

pgrade DPW GY, Barc downgrade RIO LN, VED LN ••• BofAML downgrade BVS LN, BDEV LN, SAND SS, upgrade TW/ LN, Natixis downgrade CPR IM • HSBC upgrade VWS DC, upgrade JUN3 GY, JMT PL, Natixis downgrade CPR IM, Equita u/g GEM IM ••• SocGen upgrade LMI LN, add AV! LN, RIO LN, to prem list, Medio downgrade A

S & Barcap upgrades GLW • CS upgrades SONM, Brean downgrades SWX Europe Key Research: ••• UBS remove LMI LN from least pref, downgrade, CS upgrade VWS DC, JPM upgrade ADEN VX • BofAML upgrade ACL SJ, add GLEN LN to Europe 1 list, Barc downgrade NES1V FH, EZCH IT ••• GS initiate TBS SJ (b), AVI SJ (b)

.0% in Israel) • Archer Ltd trading lower in Oslo as CEO Jorgen Rasmussen leaves to pursue other interests (trading -3.7%) • Vestas Wind Systems (VWS DC) trading +6.6% after announcing 310 MW turbine orders on Friday • Iran plans to test fire 2 long range missiles today in Gulf drill according to mi