iti 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 downgrades TTI GY, Baader downgrades

G1A GY, HSBC downgrades REC NO • Numis downgrades VSVS LN & initiates ULS LN (buy), Bankhaus Lampe initiates KGX GY (buy) • HSBC upgrades MBTN SW, Mirabaud upgrades DUFN SW, SocGen upgrades ELE SM & ENEL IM • Exane UK capital goods note (downgrade SXS LN & ROR LN), Citi upgrades TLSN SS & TDC DC ••• JP