ain upgrades UNP • DB upgrades HSY/KRFT (buy) & downgrades DF/SJM Europe Key Research: • ABG upgrade ERICB SS, Beren upgrade TEL2B SS, CBK upgrade EVK GY, AMP IM • BofAML downgrade WDH DC, SZG GY, AKE FP, BAS GY, upgrade El FP, Al FP, LIN GY • DB initiate AOI SS, GENL LN, OPHR LN (buy), AFR LN, CNE L

upgrades VSAT, GS downgrades TSLA, Citi downgrades TUMI/BLK Europe Key Research: ••• Citi upgrade KCO GY, ICL TI, downgrade KOMB CP, Barc initiate EVK GY • UBS downgrade VCT LN, add RBS to key call list — cut STAN LN ••• JPM downgrade BES PL, STAN LN, GS add COLOB DC to GS cony buy list • CS downgrade