ne downgrade DIA SM, GFS LN, PP FP, upgrade RMS FP, initiate MSK IM (op), RBC downgrade GFS LN ••• SocGen downgrade ARL GY, ENEL IM, Beren downgrade PSM GY, Numis downgrade MARS LN • Equita downgrade A2A IM, Numis downgrade IHG LN, Kepler Chev downgrade FRA GY, upgrade G1AGY MAQ downgrade NEOJ GY, Orie

cGen downgrades RF FP, Citi upgrades TCG LN, Swedbank upgrades MEDAA SS • Kepler downgrades DIA IM, Titan Cement upgrades TITK GA, Liberum upgrades PSM GY (buy), KBC upgrades RCUS BB • Citi raises price target SKYD GY, Citi names DSM NA to most preferred list (replacing YAR NO), Sarasin upgrades VONN