grades 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 ••• JPM resumes TIT IM

BB, Beren initiate VASTN NA (b) ••• MAQ remove ITV from cony buy, downgrade RWE GY, upgrade AF FP ••• HSBC downgrade BNR GY, NXT LN, Citi downgrade DUFN SW, upgrade PLT IM ••• Medio upgrade BRE IM, Exane initiate GKN LN (b), KepChev upgrade PRS IM ••• Natixis downgrade SAN FP, JMT PL, KBC upgrade PHARM