initiate BEZQ TI, HSBC downgrade PGE PW, UBS downgrade ELN ID, +ve PP FP ••• SocGen upgrade KPN NA, downgrade VOLVB SS, CS upgrade MND SJ, downgrade SAP SJ, UPM1V FH • DB downgrade DANSKE DC, upgrade DMGT LN, Exane upgrade TSCO LN, Chev downgrade TLSN NO ••• Swedbank downgrade GETIB SS, NOVOB DC, upgra

and downgrade SHI LN & YKBNK TI, KBC downgrade AALB NA • UBS upgrade TL5 SM, initiate ASC LN (b), cut AIP SJ from least pref list • Barc downgrade SAP SJ, Citi initiate EVK GY (s), downgrade RTN LN, upgrade YOOX IM • BofAML upgrade BT/A LN, GS upgrade OCDO LN, CS upgrade ASHM LN & SZG GY • CS short l