rades RNST & downgrades PRI and SIAL (sell), Barcap initiates USAC (ow) • Key upgrades KNX/SWFT/HTLD (buy's) Europe Key Research: • Citi downgrade TCG LN, Nomura upgrade ETL FP, JPM upgrade BBVASM, LKOH RM, NEX FP • BofAML downgrade RICHT HB, CGL LN, upgrade KOZAL TI, reinstate ABE SM (n), ATL IM (up)

s NVE Europe Key Research: • CS downgrade ULVR LN, JMAT LN, GS cut TLPR LN from cony buy, reit cony buy MONI LN ••• UBS add to most pref & upgrade TCG LN, add FLU AV to least pref, reit buy PSON LN ••• JPM downgrade SWEDA SS, SMIN LN, Barc downgrade CRDA LN, GIVN VX • BofAML upgrade SXS LN, RBC downg

downgrades SFER IM, GS reinstates BET LN (buy), SocGen downgrades RBS LN • UBS downgrades OPHR LN & POLY LN, SocGen downgrades RF FP, Citi upgrades TCG LN, Swedbank upgrades MEDAA SS • Kepler downgrades DIA IM, Titan Cement upgrades TITK GA, Liberum upgrades PSM GY (buy), KBC upgrades RCUS BB • Citi