nitiates 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 (ow), SocGen initiates PKP PW (buy), Citi upgrades RBP SJ, BofA downgrades PEO PW ••• Dansk