N 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/A LN, dig FTE FP, positive: DTE GY, ILD FP, TIT IM, TEL NO, negative: KPN NA, TEF SM) • CS upgrades (STMN SW, NOBN VX