IBH AV, AV/ LN, SMDR LN ••• Citi downgrades CWC LN, Commerzbank upgrades SFQ GR, DB initiates KGX GR (buy) • HSBC downgrades TFA GR, HSBC initiates ANH LN, JPM upgrades MFON RU, Mirabaud downgrades FUN SW • Nordea downgrades RTRKS FH, Numis downgrades SDL LN & BBY LN, HSBC downgrades SDR LN • DB downg

) Europe Key Research: • DB downgrade OTE1V FH, reinstate ABI BB (b), Nomura upgrade AC FP ••• GS remove HOT GY from cony buy, dig FR FP, initiate ANH LN (b), initiate ANH LN (b) ••• UBS upgrade APN SJ, GBF GY, KPN NA, Bern downgrade BARC LN • JP downgrade URKA LI, COLR BB, Barc -Eve ABI BB, Beren in