VX / Least pref HEIA NA, CPR IM, ULVR LN) ▪ DB downgrades PC IM, reit underperform NOK1V FH, CS downgrade Turkish Banks, Citi downgrade LONN VX ••• Chevreux downgrade GEO IM, Liberum upgrade NGI LN, Davy downgrade KNIN VX & upgrade TNTE NA, Exane downgrade BIM FP ••• Citi initiate TUI1 GY (b), downgrade