an Insurance to overweight, GS adds DGE LN & UNA NA to CL Buy, Citi upgrades GNK LN • SocGen upgrades BVIC LN, JPM initiates GN DC (ow) & downgrades HSV LN, DB upgrades VOD LN • Exane downgrades HNR1 GY & MUV2 GY, Kepler says stay underweight Telecom sector, Kepler reits sell PSON LN • Exane upgrades S

pgrade & add ARM LN to key call list — RBS LN removed, upgrade RRS LN, Oriel upgrades RTO LN ••• UBS make AVV LN most pref stock — replaces FENR LN, HSV LN least pref stock — replaces RSW LN ••• MS resume LSE LN (ow), DB downgrade ADS GY, BofAML upgrade UHR VX, Numis downgrade DOM LN ••• JPM downgrade