••• 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) • HSBC downgrades TFA GR

de El FP, Al FP, LIN GY • DB initiate AOI SS, GENL LN, OPHR LN (buy), AFR LN, CNE LN, LUPE SS, TLW LN (hold) • Exane upgrade PIC LN, HSBC downgrade HGG LN, HG1 GY, B1O3 GY, RBC downgrade DETNOR NO • JEFF upgrade MARS LN, KepChev double upgrade SDF GY, MAQ downgrade DNB NO • JPM downgrade SCR FP, DEB L