Upgrades
- Aviva (AV) upgraded by UBS from Neutral to Buy
- SSE (SSEZY) upgraded by BofA/Merrill from Neutral to Buy
- Iberdrola (IBDRY) upgraded by Goldman from Neutral to Buy
- Arch Capital (ACGL) upgraded by Goldman from Sell to Neutral
- SMC (SMECF) upgraded by Goldman from Neutral to Buy
- Ligand (LGND) upgraded by Deutsche Bank from Sell to Hold
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Downgrades
- Intersil (ISIL) downgraded by Stifel from Buy to Hold
- Lufthansa (DLAKY) downgraded by Deutsche Bank from Hold to Sell
- Ryanair (RYAAY) downgraded by Deutsche Bank from Buy to Hold
- easyJet (ESYJY) downgraded by Deutsche Bank from Buy to Hold
- Air France-KLM (AFLYY) downgraded by Deutsche Bank from Hold to Sell
- Siemens (SIEGY) downgraded by UBS from Buy to Neutral
- E.ON AG (EONGY) downgraded by Goldman from Buy to Neutral
- Centrica (CPYYY) downgraded by Goldman from Neutral to Sell
- Celanese (CE) downgraded by Citi from Buy to Neutral
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