es ATO FP (hold) and CAP FP (sell), Equinet downgrades FRA GR • GS downgrades FLU AV and KNIN SW (sell), Jefferies downgrades AGK LN, JPM downgrades EUR PW, JPM downgrades EUR PW ▪ KBC upgrades EURN BB (buy), Mediobanca resumes CASS IM, Oddo upgrades RMS FP (buy), Oriel initiates DIA LN (buy) • Swedb

s ANN, Canaccord cuts TEVA, DB upgrades NTES (buy) • Jeff initiates PAY (hold), Roth downgrades SKUL Europe Key Research: • UBS downgrade SMIN LN, EUR PW, EMMN SW, upgrade EXPN LN, PFL LN, LISN SW, remove OMV from least pref • BofAML Global Apparel: (downgrade HMB SS, upgrade DEB LN, +ve ITX SM), upgr

••• BofAML downgrade RBS LN, upgrade AQP AU, GS downgrade SAND SS, initiate MSK IM (b) ••• CS upgrade EAD FP, Citi resume GLEN LN (b), JP downgrade EUR PW, upgrade HFD LN ••• UBS initiate MSK LN (b), upgrade GARAN TI, downgrade IMG LN, CBK resume SW1 GY (h) ••• Akros upgrade PC IM, HSBC downgrade ERF