rean downgrades SWX Europe Key Research: ••• UBS remove LMI LN from least pref, downgrade, CS upgrade VWS DC, JPM upgrade ADEN VX • BofAML upgrade ACL SJ, add GLEN LN to Europe 1 list, Barc downgrade NES1V FH, EZCH IT ••• GS initiate TBS SJ (b), AVI SJ (b), PFG SJ (s), NPK SJ (n), upgrade ENKAI TI, SI