& cuts IEX • Barcap upgrades BAX, Opco cuts CA/TWTC, Baird downgrades CMA, CLSA downgrades MDLZ ••• BB&T upgrades TREX (buy), Bernstein downgrades EMR & initiates ETN (op) Europe Key Research: ••• Barc dig ETL FP, ALO FP, NLMK RM, u/g SOLB BB, MAGN RM, AVR LN, CHMF RM, +ve PSM GY, -ve SPR GY ••• Bo