C, Exane upgrades CBK GY ••• Investec upgrades HSBA LN, Shorecap downgrades DGE LN, HSBC adds LHA GY to Europe Super Ten portfolio ••• UBS positive ASC LN, Citi downgrades HGG LN, BofA upgrades RIBH AV, AV/ LN, SMDR LN ••• Citi downgrades CWC LN, Commerzbank upgrades SFQ GR, DB initiates KGX GR (buy)

S EFTA00390548 Europe Key Research: • JPM upgrade GARAN TI and downgrade SHI LN & YKBNK TI, KBC downgrade AALB NA • UBS upgrade TL5 SM, initiate ASC LN (b), cut AIP SJ from least pref list • Barc downgrade SAP SJ, Citi initiate EVK GY (s), downgrade RTN LN, upgrade YOOX IM • BofAML upgrade BT/A LN,