initiates FTON SW (buy), Citi downgrades GSK LN, Commerzbank downgrades SZG GY
• Exane initiates KGX GY (op), GS initiates KGX GY (buy), Numis upgrades IHG LN, Jefferies
downgrades ... downgrades SZG GY, Kepler initiates TFI IM (hold), MS upgrades GLPR LN & initiates KGX GY
(ow)
• Macquarie initiates KCO GY (op), VOE AV (op), SZG GY (up), SSABA ... upgrades ITRK LN, SocGen downgrades SZG CY, UBS
downgrades SUN SW
• Commerzbank initiates KGX GY (buy), Numis upgrades SMDR LN, Investec downgrades VSVS LN
HSBC downgrades