rade 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 IM ••• SocGen upgrade LMI LN, add AV! LN, RIO LN, to prem list, Medio downgrade AEF IM • Cant upgrade ADS

e equities to European, UBS upgrade BBVA SM, BofAML downgrade CNA LN, RI FP • JPM initiate MSTT RU (ow), CON GR (ow), upgrade ALR PW, Barc downgrade JMT PL, -ye Fl IM ••• Nomura upgrade DLG LN, downgrade RSA LN, GS remove HALKB TI (b) from focus list, add YKBNK TI (s) ••• Natixis downgrade BN FP, Chev

N, Citi downgrade DUFN SW, upgrade PLT IM ••• Medio upgrade BRE IM, Exane initiate GKN LN (b), KepChev upgrade PRS IM ••• Natixis downgrade SAN FP, JMT PL, KBC upgrade PHARMA NA (h) • Danske downgrade OTE1V FH, Nordea downgrade UPM1V FH ••• Investec downgrade CLIN LN, Numis downgrade ATK LN, SocGen di