R PW, upgrade HFD LN ••• UBS initiate MSK LN (b), upgrade GARAN TI, downgrade IMG LN, CBK resume SW1 GY (h) ••• Akros upgrade PC IM, HSBC downgrade ERF FP, downgrade NOEJ GY, ETL FP, CRST LN • Exane downgrade DIA SM, GFS LN, PP FP, upgrade RMS FP, initiate MSK IM (op), RBC downgrade GFS LN ••• SocGen