DB downgrades X Europe Key Research: ••• RBC initiate HNR1 GY (b), SCR FP (op), downgrade DSV DC ••• GS upgrade PFC LN, PRS NO, downgrade FUR NA, SBMO NA, TEC FP • Citi downgrade UMI BB, GAS SM, initiate AMEAS FH (b), WDF IM (b), YOOX IM (n) ••• SocGen downgrade VIS SM, upgrade BP/ LN, NXI FP, DNB up