FH, GS downgrades SPT LN & CORA NA, UBS downgrades LRE LN • Commerzbank upgrades 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 downgrad

17 • SocGen upgrade YKBNK TI, initiate GIB GY (b), Natixis downgrade EDP PL, upgrade MPI LN, JEFF initiate SMDR LN • CBK upgrade MOR GY, downgrade BEI GY, Numis downgrade MONY LN, CIU LN, SGE LN, MACQ upgrade LXS GY BERE downgrade IVG GY, HELV upgrade GAM SW, downgrade OERL SW, Nordea downgrade GOL NO