upgrades 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

I SJ (b), PFG SJ (s), NPK SJ (n), upgrade ENKAI TI, SIBN RM, downgrade RDGZ KZ • SocGen upgrade JSW PW, SEB downgrade TEL2B SS, HSBC upgrade RGS LN, MBTN SW ••• Jeff top pharma pick SAN FP, Cana upgrade CGL IM, Equinet downgrade IVG GY, Espirito downgrade GRG LN ••• Beren downgrade NRX FP, Nordea downgr