ust initiates BIOS (buy), Evercore initiates BXP (ow), DB upgrades JPM (buy), Raja cuts GMR, Imperial initiates PKOH (op) Europe Key Research: ••• HSBC European Luxury: (upgrade TOD IM, BOSS GY, TIF US / downgrade CDI FP & UHR VX / positive SFER IM & LUX IM) • MS: u/g CLN VX & AKZA NA / d/g VCT LN, WCH GY, LXS GY,