wngrade 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 upgrade PRS NO ••• BofAML add NOK1V FH, upgrade PNL NA, downgrade UBSN VX ••• HSBC up

BS upgrade TL5 SM, initiate ASC LN (b), cut AIP SJ from least pref list • Barc downgrade SAP SJ, Citi initiate EVK GY (s), downgrade RTN LN, upgrade YOOX IM • BofAML upgrade BT/A LN, GS upgrade OCDO LN, CS upgrade ASHM LN & SZG GY • CS short list names: AZN LN, EN FP, CARLB DC, CNA LN, BN FP, LXS GY, RB