H PW, Nordea downgrade TTM1V FH ••• UBS remove VOD LN from global top 40 pick, SUBC NO added to least pref, Espirito u/g BT/A LN, - JPM u/g EZJ LN, RYA ID, PC IM, TRU SJ, CLS SJ - dig LHA GY, SMIN LN, UMI BB, SHP SJ ••• Citi upgrade ACA FP, add GAZP RM to focus list - remove DGO ID, SocGen dig TATE LN