upgrades HSH, JPM cuts SJM ••• FBR initiates MWW (op), Longbow initiates NAV (neut), Opco downgrades PXD Europe Key Research: ••• JEFF +ve AC FP, Berenberg reit buy ZONO PL, Panmure +ve IN LN • KepChev upgrade MEC CY, SRN IM, Oddo downgrade ITRK LN, upgrade MEC CY, MF downgrade SZG GY • BofAML downgrade RSL