LN, CNE LN, LUPE SS, TLW LN (hold) • Exane upgrade PIC LN, HSBC downgrade HGG LN, HG1 GY, B1O3 GY, RBC downgrade DETNOR NO • JEFF upgrade MARS LN, KepChev double upgrade SDF GY, MAQ downgrade DNB NO • JPM downgrade SCR FP, DEB LN, EVD GY, O1BC GY, AAL LN, upgrade MONY LN, PER LN, NHY NO • Mainfirst do

ade UBSN VX ••• HSBC upgrade EBS AV, UCG IM, Natixis downgrade SWMA SS • Exane add GRF SM to key ideas, Oddo downgrade DIA SM IMI downgrade MB IM, KepChev downgrade BSA GR, DBK d/g VOE AV, AZM IM Reporting Pre-Open: ADP, AMT, BWA, CMCSA, EXC, GAS, GLW, GM, GRMN, HES, PCG, PEG, PSX, PX, SEE, SO, TEL, W

downgrade CPI LN, SocGen initiate FNAC LN (b) •••• JEFF initiate LHA GY (b), IAG (b), AF FP (up), EZJ LN (h), RYA ID (b) • DBK downgrade SWEDA SS, KepChev pushing UBM LN & INF LN, Fidentis dig PIA IM ••• Natixis upgrade BATS LN, downgrade IMT LN, Exane upgrade SOLB BB ••• MainFirst downgrade AF FP, Nu

, CS assume LISN SW (n), Exane upgrade ULVR LN ••• GS upgrade FRES LN, downgrade INVEB SS, Investec upgrade ULE LN, CHG LN ••• JEFF upgrade EZJ LN, KepChev upgrade FME GY, downgrade GBF GY ••• MS upgrade SAB LN, Natixis upgrade NOVN VX, Numsi downgrade BAB LN • Lampe upgrade CON GY, B5A GY, Akros upgra

WE 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 PHARMA NA (h) • Danske downgrade OTE1V FH, Nordea downgrade UPM1V FH ••• Investec