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, upgrade RATOA SS, Mediobanca upgrade SWEDA SS • Natixis downgrade NOVOB DC, upgrade NESN VX, Bere upgrade ROS AV, SEB downgrade CARLB DC

••• JPM downgrade BMW GY, APPC AB, upgrade PETROCH AB, NOK1V FH, Exane downgrade FME GY • Nomura upgrade ELI1V FH & downgrade TEL2B SS, Carg upgrade GETIB SS, Exane downgrades GFC FP ••• HSBC initiate ROCKB DC (ow), upgrade CWI AV, HOLN VX, SRP LN, downgrade GEBN VX, RBC initiates FOGL LN (op) RBC initi