/KEY (buy) and HBAN (neut) ▪ Jefferies initiates NDRM (buy) & downgrades NBR/Oll/SLB/CBST, KBW downgrades SEIC • JPM initiates ALL/AON/MMC (ow) and ACE/PGR/TRV (neut) and CB/UW (uw) & downgrades SLB • Macquarie upgrades SM, DB cuts DOV (sell), Mizuho downgrades WAG, Northland initiates PMCS (op) • Opco ini