ove 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 • BofAML initiate PA! LN (n), HSBC upgrade U

downgrades ANN, Canaccord cuts TEVA, DB upgrades NTES (buy) • Jeff initiates PAY (hold), Roth downgrades SKUL Europe Key Research: • UBS downgrade SMIN LN, EUR PW, EMMN SW, upgrade EXPN LN, PFL LN, LISN SW, remove OMV from least pref • BofAML Global Apparel: (downgrade HMB SS, upgrade DEB LN, +ve ITX S

m cony buy, reit cony buy MONI LN ••• UBS add to most pref & upgrade TCG LN, add FLU AV to least pref, reit buy PSON LN ••• JPM downgrade SWEDA SS, SMIN LN, Barc downgrade CRDA LN, GIVN VX • BofAML upgrade SXS LN, RBC downgrade CPI LN, SocGen initiate FNAC LN (b) •••• JEFF initiate LHA GY (b), IAG (b),