(reinitiate o/p EDP PL & GAS SM , neutral EDPR PL, u/p ANA SM, EGPW IM, ELE SM, IBE SM) • Exane upgrade MPI LN, GS upgrade SGSN VX, Cantor initiates IHG LN &AC FP (buys) • JPM downgrades (BDEV LN, BWY LN, BVS LN, RDW LN, TW/ LN), SocGen downgrades (ADN LN, HGG LN, CABK SM, SK FP) • Bernstein Telecoms (u/g BT