m initiates CLDX (buy), Numis downgrades DPZ Europe Key Research: • Citi add BET LN, BWY LN to key buy list — WMH LN, SIG LN cut, Barclays upgrades EBS AV & RIBH AV • UBS upgrade & add ARM LN to key call list — RBS LN removed, upgrade RRS LN, Oriel upgrades RTO LN ••• UBS make AVV LN most pref stock — r