ES (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 SM), upgrade VOD LN, -ve UG FP, SPM IM • CS downgra

V FH, Berenberg initiate LNZ AV (h) • Citi cut SDR LN from most pref, cut EMG LN from least pref, upgrade TALK LN ••• CBK upgrade FME CY, CS assume LISN SW (n), Exane upgrade ULVR LN ••• GS upgrade FRES LN, downgrade INVEB SS, Investec upgrade ULE LN, CHG LN ••• JEFF upgrade EZJ LN, KepChev upgrade FME