M downgrades FCS, Raja downgrades TXNm DB upgrades UBS (buy) Europe Key Research: • UBS add LG FP to most pref - HOLN VX removed, upgrade TCELL TI, TRMK RM, PHOR RM, SZG GY, downgrade TAVHL TI, SHI LN • Barc initiate KYG ID (ow), Citi upgrade TNET BB, CS downgrade SW FP, BofAML remove SOLB BB from Euro