GY, TCY LN, JPM upgrade GKN LN, initiate BPOST BB (ow) ••• Nomura initiate BPOST BB (b), upgrade ALU FP, MS initiate BPOST BB (ew) • Barc downgrade URKA LI, SDF GY, +ve IN LN, ING FP, ING upgrade VST PW ••• SocGen downgrade BARC LN, CGM FP, RCF FP, upgrade KGH PW, ADN LN ••• GS downgrade AV/ LN, AGN NA

— top pick), Al FP (ew), AKE FP (ew), BASF GY (ow) • MS initiates CRDA LN (ow), DSM NA (uw) JMAT LN (uw), KRA1V FH (uw), LIN GY (ew), SYNN VX (uw), URKA LI (ew), SYNT LN (ow), SDF GY (uw), YAR NO (ew) • UBS European Steel: (downgrade SZG GY, MT NA) upgrade EZJ GY, downgrade KNIN VX, -ve NOK1V FH, upgra

raises price target SKYD GY, Citi names DSM NA to most preferred list (replacing YAR NO), Sarasin upgrades VONN SW EFTA00386143 • BofA downgrades URKA LI, RBS downgrades RWE GY, Danske Bank upgrades PRS NO & downgrades METSB FH • DB upgrades O1BC GR, Equinet downgrades LXS GR & HHFA GY, Exane upgrades

GY from cony buy, dig FR FP, initiate ANH LN (b), initiate ANH LN (b) ••• UBS upgrade APN SJ, GBF GY, KPN NA, Bern downgrade BARC LN • JP downgrade URKA LI, COLR BB, Barc -Eve ABI BB, Beren initiate VASTN NA (b) ••• MAQ remove ITV from cony buy, downgrade RWE GY, upgrade AF FP ••• HSBC downgrade BNR GY