A00390386 Europe Key Research: ••• JPM downgrade TT! LN, CS upgrade SLM SJ, MS upgrade DPW GY, Barc downgrade RIO LN, VED LN ••• BofAML downgrade BVS LN, BDEV LN, SAND SS, upgrade TW/ LN, Natixis downgrade CPR IM • HSBC upgrade VWS DC, upgrade JUN3 GY, JMT PL, Natixis downgrade CPR IM, Equita u/g GEM

A SM, EGPW IM, ELE SM, IBE SM) • Exane upgrade MPI LN, GS upgrade SGSN VX, Cantor initiates IHG LN &AC FP (buys) • JPM downgrades (BDEV LN, BWY LN, BVS LN, RDW LN, TW/ LN), SocGen downgrades (ADN LN, HGG LN, CABK SM, SK FP) • Bernstein Telecoms (u/g BT/A LN, dig FTE FP, positive: DTE GY, ILD FP, TIT I