WSJ :As U.S. Pushes to Isolate Iran, Rouhani Fights to Keep His Top Diplomat

As U.S. Pushes to Isolate Iran, Rouhani Fights to Keep His Top Diplomat
Javad Zarif’s resignation deprives the Iranian government of its point person in talks with the West

Iranian President Hassan Rouhani scrambled Tuesday to avert a political crisis from the resignation of the country’s top diplomat, praising his fellow moderate foreign minister on live television and dispatching senior officials to urge him not to quit.

Foreign Minister Javad Zarif, an architect of the 2015 Iran nuclear deal, resigned unexpectedly Monday on Instagram. His exit was prompted by his exclusion from an unannounced visit by Syrian President Bashar al-Assad, Iranian officials said, and will likely embolden conservatives opposed to the nuclear deal.

Mr. Rouhani, in his speech on state television, tried to appease his apparently angry foreign minister by thanking him for his efforts in Iran’s “regional victory.”

The president has yet to accept Mr. Zarif’s resignation. His efforts to retain him indicate what’s at stake for his government: Mr. Zarif’s departure would deprive the government of its most experienced diplomat while it is fighting U.S. attempts to isolate Iran, and likely strengthen hard-liners bent on withdrawing Tehran from the nuclear accord.

While he hasn’t given a public explanation for his exit, Mr. Zarif wrote privately to friends on the messaging app Telegram, in a message seen but not verified by The Wall Street Journal, that he felt disrespected by the president and angry that he hadn’t been informed of Mr. Assad’s visit.

“A minister who is not trusted as much as a translator to be in a meeting with the supreme leader, is not respected by the president as much as to telephone him and inform him of the meeting [with Mr. Assad] so that he could at least appear in the photographs,” Mr. Zarif wrote. Hinting at longer-standing grievances, he added that his role had been reduced to merely defending the Islamic Republic’s policies at international summits at great personal sacrifice.

Mr. Rouhani in his speech said Mr. Assad’s visit wasn’t a formal diplomatic one, but that the Syrian leader had expressed his gratitude to the Iranian foreign ministry. Mr. Rouhani thanked Mr. Zarif, along with Oil Minister Bijan Zanganeh and central bank governor Abdolnaser Hemmati, for “tolerance and resistance under pressure as those who have stood on the front line.”

Shortly before dawn Tuesday, Mr. Rouhani had dispatched the oil minister, along with his chief of staff and vice president, to convince Mr. Zarif’s to rescind his resignation.

But later Tuesday, Mr. Zarif reiterated his departure in a public statement. However, he implored Iranian diplomats around the world to remain in their jobs.

“I emphasize to all dear brothers and sisters in the foreign ministry and representative offices to continue their duties in defense of the country with strength and to avoid such actions,” Mr. Zarif said, in what appeared to be a response to reports that diplomats may quit in protest, in a sign of allegiance with Mr. Zarif.

“It has been an honor to work beside you. And I hope that my resignation will lead to a return of the ministry of foreign affairs to its legal place in foreign relations. I thank you all,” Mr. Zarif said.

Following Mr. Zarif’s announcement, some 150 lawmakers sent an open letter to Mr. Rouhani appealing to him not to accept Mr. Zarif’s resignation, according to the semiofficial Tasnim news agency.

Lawmakers worried that Mr. Zarif’s exit would further weaken the government’s say over Iran’s foreign policy, which is already determined by the supreme leader and heavily influenced by the military.

“The end of Zarif means the end of the Rouhani government’s power and influence in foreign policy,” said Mohamad Ali Vakili, a parliament member.

Hard-line officials opposed to the diplomacy championed by Mr. Zarif, such as Quds Force commander Qassem Soleimani, the architect of Iran’s foreign military operations, were present at the meeting with Mr. Assad.

Possible successors to Mr. Zarif include deputy foreign minister Abbas Araghchi, an experienced diplomat and nuclear negotiator, and the president’s chief of staff Mahmoud Vaezi, both of whom would likely continue Mr. Zarif’s course. Another more conservative contender is Hossein Amir Abdollahian, an aide to the parliament speaker.

>>> Home Depot misses by $0.07, reports revs in-line; guides FY20 EPS below cons

Home Depot misses by $0.07, reports revs in-line; guides FY20 EPS below consensus, revs in-line; authorizes buyback; increases dividend (189.98)
  • Reports Q4 (Jan) earnings of $2.09 per share, $0.07 worse than the S&P Capital IQ Consensus of $2.16; revenues rose 10.9% year/year to $26.49 bln vs the $26.57 bln S&P Capital IQ Consensus.
    • Results include $0.16 impairment charge
  • Co issues guidance for FY20, sees EPS of $10.03 vs. $10.25 S&P Capital IQ Consensus; sees FY20 revs of $111.77 bln vs. $111.76 bln S&P Capital IQ Consensus.
    • Comparable sales expected around 5.0%
    • Gross margin expected around 34.0% and operating margin expected around 14.4%
    • Co expects to repurchase $5.00 bln worth of shares
    • Capital spending expected around $2.70 bln
Co reaffirmed fiscal 2020 target for total sales between $115 bln and $120 bln and operating margin between 14.4% and 15.0%.
Board of Directors authorized new $15 bln share repurchase program and a 32.0% increase in the quarterly dividend to $1.36 per share

WSJ : Cohen to Testify That Trump Engaged in Criminal Conduct While in Office

Cohen to Testify That Trump Engaged in Criminal Conduct While in Office
President’s ex-lawyer will tell House committee he witnessed Trump’s ‘lies, racism and cheating,’ role in hush payments, says a person familiar with his plans

Michael Cohen, Donald Trump’s former lawyer, will for the first time publicly accuse the president of criminal conduct while in office related to a hush-money payment to a porn star, a person familiar with his planned testimony before Congress said.

Appearing on Wednesday before the House Oversight Committee, Mr. Cohen also will make public some of Mr. Trump’s private financial statements and allege that Mr. Trump at times inflated or deflated his net worth for business and personal purposes, including avoiding paying property taxes, the person said. The financial statements were developed by Mr. Trump’s accountant, the person said. The Wall Street Journal hasn’t seen those statements.

Mr. Cohen’s testimony is expected to focus on his “behind-the-scenes” accounts of working for Mr. Trump for over a decade, a period during which Mr. Cohen will say he witnessed “lies, racism and cheating” by Mr. Trump, the person said.

Mr. Cohen is expected to recount racist remarks Mr. Trump allegedly made to him, including instances in which Mr. Trump allegedly questioned the intelligence of African-Americans and criticized their lifestyle choices, the person said.

Mr. Cohen’s planned testimony comes 13 months after The Wall Street Journal first reported that Mr. Cohen paid $130,000 in October 2016 to former adult-film star Stephanie Clifford, known as Stormy Daniels, to buy her silence after she alleged having a sexual encounter with Mr. Trump.

In the wake of the Journal’s revelations, federal prosecutors investigated Mr. Cohen’s activities, raided his home, hotel room and office, and began probing the business practices of the Trump Organization, including whether it committed campaign-finance violations. The Trump Organization investigation, spearheaded by the U.S. attorney’s office in Manhattan, is continuing, people familiar with the matter said.

Representatives for the White House and the Trump Organization didn’t immediately respond to requests for comment.

Mr. Cohen agreed to testify before the committee at the behest of its Democratic chairman, Maryland Rep. Elijah Cummings, after postponing his scheduled hearing last month, citing public statements by Mr. Trump he saw as threats toward members of his family.

In August Mr. Cohen implicated the president in two federal crimes when he told prosecutors Mr. Trump directed hush-money payments during the 2016 campaign to Ms. Clifford and to former Playboy model Karen McDougal, who alleged she had an affair with Mr. Trump.

The person familiar with Mr. Cohen’s anticipated testimony said Mr. Cohen would provide “evidence of criminal conduct since Mr. Trump became president,” but other than saying it involved the Clifford payment, wouldn’t offer more specifics before Wednesday’s House hearing.

The hearing would be the first time Mr. Cohen alleges that Mr. Trump committed a crime while in office. While the payments to both women were made in the weeks before the 2016 presidential election, Mr. Trump has faced questions from reporters about his possible knowledge of Mr. Cohen’s subsequent reimbursement for the Clifford payment, as well as about whether he had any conversations with Mr. Cohen about efforts to conceal the payment after the Journal first reported its existence in January 2018.

Mr. Trump previously has described the Clifford payment as a “simple private transaction” and said if the payments were illegal, it was Mr. Cohen’s “mistake.” The president has denied the sexual encounters with the women as well as ordering Mr. Cohen to arrange the payments to them.

In December, federal prosecutors in New York for the first time directly implicated the president in the payoff scheme, referring to him in court papers as “Individual-1,” alleging that Mr. Trump had played a key role in the hush payments, as The Journal had previously detailed in its reporting.

Mr. Cohen pleaded guilty to eight federal crimes in August, including tax evasion and making false statements to a bank, and to one count of lying to Congress in November. He is expected on Wednesday to express contrition about the crimes he committed and acknowledge his mistakes, the person said. He will attest to having lied repeatedly to protect Mr. Trump and to what led him to publicly break with the president last summer, the person said. He will also reiterate that he wouldn’t accept a presidential pardon from Mr. Trump if one were offered, the person said. Mr. Cohen is scheduled to begin a three-year prison term on May 6.

Mr. Cohen will give his most detailed public account to date of Mr. Trump’s alleged direction of the hush payments, as well as how Mr. Trump was involved in efforts to conceal them from the public weeks before the 2016 election, according to the person.

He will also allege that Trump Organization Chief Financial Officer Allen Weisselberg was involved in those efforts, the person said.

The Journal first detailed Mr. Cohen’s account to prosecutors of Mr. Weisselberg’s involvement in November. Mr. Weisselberg was granted immunity by federal prosecutors in the investigation and testified before a grand jury, according to a people familiar with the matter.

A lawyer for Mr. Weisselberg declined to comment.

Mr. Cohen spent more than a decade working for Mr. Trump, first at the Trump Organization and later as his personal lawyer. But the pair had an often turbulent relationship: Mr. Trump at one point asked senior aides to persuade Mr. Cohen to resign, and later slashed his annual income of more than $400,000 roughly in half, the Journal has previously reported.

Meanwhile, Mr. Cohen for more than a decade remained unswervingly loyal, and ultimately found a niche as a fixer of some of Mr. Trump’s thornier problems. In 2017, Mr. Cohen told Vanity Fair: “I’m the guy who would take a bullet for the president.” Less than a year later, Mr. Cohen publicly broke with the president, saying he was putting his family and country first.

In a memo released last week, Mr. Cummings said that in addition to the hush-money payments, Mr. Cohen’s testimony would focus on the president’s compliance with tax laws, his “potential and actual conflicts of interest,” his business practices and “the accuracy of the President’s public statements,” among other matters.

Mr. Cohen won’t answer questions related to special counsel Robert Mueller’s investigation into whether Mr. Trump or any of his associates colluded with Russia to interfere in the 2016 U.S. election, according to a person close to Mr. Cohen. Mr. Trump has denied collusion, as has Russia.

In November, Mr. Cohen pleaded guilty in a separate case brought by Mr. Mueller’s office to lying to Congress in 2017 to play down Mr. Trump’s involvement in efforts during the campaign to build a Trump Tower in Moscow.

Mr. Cohen is expected to explain why he lied to Congress about Trump Tower Moscow but isn’t expected to say whether Mr. Trump had directed him to make those misstatements, according to the person familiar with Wednesday’s planned testimony. Mr. Cohen will tell the committee that Mr. Trump continued to inquire about the project months past January 2016—the month Mr. Cohen cited before Congress in 2017 as when the project ended, this person said.

Also this week, Mr. Cohen is set to speak privately to the House and Senate Intelligence Committees.

Republicans on the Oversight Committee plan to try to undercut and discredit Mr. Cohen’s testimony by raising questions about his motivations for speaking to Congress.

Republicans plan to ask Mr. Cohen the reason for the “sudden righteousness” that led him to plead guilty and implicate the president in crimes, according to a GOP lawmaker on the committee. They also plan to ask who is paying his legal fees; why he fired his former attorney, Guy Petrillo; and to whom he has spoken about his conversations with investigators, the lawmaker said.

In a letter last week to the chairman, GOP Reps. Jim Jordan of Ohio and Mark Meadows of North Carolina accused the panel under Mr. Cummings’s leadership of being “out to attack the president for partisan gain,” noting that Mr. Cohen had previously lied to Congress in a 2017 hearing. They said they intended to question Mr. Cohen about his “conduct throughout his professional life and any other financial dealings he has had, including with his father-in-law.”

The documents Mr. Cohen plans to discuss in his public testimony partly reflect a way for Mr. Cohen to deflect attacks from Republican members of the committee, the person familiar with his plans said, adding: “He expects to be called a liar.”

>>> What to look at today - 26h of February 2019

Asian stocks drifted Tuesday as the rush of optimism on U.S.-China trade talks from early Monday faded. The pound gained on the possibility of a Brexit delay.
Equities fell in Japan, Hong Kong and Australia while Chinese shares posted modest gains after jumping yesterday. S&P 500 Index futures fell after the gauge closed at the highest in almost four months and European futures pointed lower. While U.S. President Donald Trump raised the possibility of signing a new trade deal with Chinese counterpart Xi Jinping, he also said an agreement “might not happen at all.” The yen edged higher and Treasury yields dipped.
US After Hours THC +13.5%, HTZ / DDS +13%, ETSY +5%, MOS +4% higher, while MEDP -11%, IMMU -9% are lower following earnings/guidance

Nikkei -0.37% Hang Seng -0.77% CSI -1.20% Shanghai -0.67% Shenzen -0.49%

Eur$ 1.1352 CNH 6.6962 CNY 6.6948 JPY 110.79 GBP 1.3145 CHF 1.0007 TRY 5.3099 RUB 65.6089 WTI$ 55.30 -0.32%

S&P -0.29% EuroStoxx -0.43% FTSE -0.63% Dax -0.65% SMI -0.49%

Macro :
- UBS Sees S&P 500 Climbing to Record by June Following Fed Pivot
- Phone Companies Decide They Can’t Face 5G Spending Burden Alone
- Yellen Rips Trump on Policy Grasp, Says Economy ‘Is Doing Well’
- Pensions May Sell $26 Billion in Stocks by Thursday: Wells Fargo
- Europe’s $1 Trillion Stock Rally Lures Back Some Tentative Bears
Keep an eye on :
- AALB NA : Aalberts Full Year Revenue Meets Estimates
- AC FP : Accor Announces EU500m Negotiable EU Commercial Paper Program
- ALSN SW : Also Full Year Ebitda Beats Highest Estimate
- ARBN SW : Arbonia Full Year Ebitda Beats Highest Estimate
- AUSS NO : Austevoll Seafood Fourth Quarter Ebit Misses Lowest Estimate
- AVV LN : Aveva Group, Phoenix Group Eligible For FTSE 100 Index
- AIXA GY : Aixtron 2019 Revenue Forecast Midpoint 1.1% Below Estimates
- BAS GY : BASF 4Q Adj. EBIT Beats Estimates, Sees Slight Growth in 2019
- BAYN GY : Bayer-Roundup Judge Threatens Sanctions for Plaintiff Attorney
- BFSA GY : Befesa Full Year Adjusted Ebitda Meets Estimates
- BELL SW : Former Swiss Minister Leuthard Named to Bell, Coop Boards
- CARLB DC : Carlsberg CEO, CFO Receive Performance Shares
- CSGN SW : Credit Suisse Names Warner CRO, Hudson CCO
- CRDA LN : Croda to Return Almost $200 Million in Cash to Investors
- DTE GY : States Hire Economist for T-Mobile-Sprint Review: New Street
- EUCAR FP : Hertz 4Q Adj Loss/Shr Narrower Than Est.; Shares Rise 5.9%
- FCT IM : Fincantieri Full Year Revenue Beats Highest Estimate
- FDR SM : Fluidra Is New Buy at Citi With Zodiac Opening Up New Route
- GREEN BB : Greenyard Third Quarter Revenue EU927.9 Mln
- GET FP : U.K. Wants Secret Brexit Ferry Fiasco Trial, Eurotunnel Says
- IBAB BB : IBA Confirms It Will Meet 2018 Guidance of Positive Adj Ebit
- IBE SM : Iberdrola Receives 6 Bids for Fiber Optic Business: Economista
- OMPN SW : Implenia Full Year Ebitda Misses Lowest Estimate
- MKEA FP : Mauna Kea Technologies’ Cellvizio Gets Another 510(k) Clearance
- ILM1 GY Medios Shareholder to Sell Up to 1.3M Bearer Shares: Berenberg
- KGX GY : Sell Kion as Order Intake May Drop in 2019, Lampe Says
- KWS GY : KWS Saat First Half Ebit Loss EU76.6 Mln
- LSG NO : Leroy Fourth Quarter Adjusted Ebit Misses Lowest Estimate
- LBK SM : Liberbank Says It Continues to Work on Unicaja Operation
- MULTI NO : Multiconsult Fourth Quarter Ebit Misses Lowest Estimate
- NHH SM : NH Hotel Full Year Net Income Meets Estimates
- NDA SS : Nordea CEO Wants Stronger Supra-National AML Regulation: Borsen
- NOKIA FH : Sweden May Allow Ban of Single Mobile Networks Suppliers: DN
- OCI NA : OCI Full Year Adjusted Ebitda Meets Estimates
- PWTN SW : Panalpina to Remove Voting Rights Limit to Boost Governance
- PWTN SW : Cevian ‘Strongly’ Opposes Panalpina Plan to Change Voting Rule
- PSN LN : Persimmon to Name Interim Chief Jenkinson Permanent CEO: Sky
- UG FP : PSA to Launch Peugeot Brand in U.S. and Canada, PSA to Increase Dividend Payout Ratio to 28% from 2019
- UG FP : PSA’s Lowest-Paid French Employees Will Get Profit-Sharing: CEO
- PHNX LN : Aveva Group, Phoenix Group Eligible For FTSE 100 Index
- PRS SM : Santander, Telefonica Back Prisa Capital Increase: Confidencial
- PSPN SW : PSP Swiss Sees ’19 Adj. Ebitda of CHF250m, Below 5% Vacancy Rate
- RILBA DC : Ringkjobing Landbobank Full Year Pretax Profit DKK952 Mln (1)
- SAN FP : Amgen Patents for Cholesterol Drug Repatha Are Valid, Jury Says, *SANOFI, REGENERON LOSE VALIDITY TRIAL, CONCEDED INFRINGEMENT
- SEV FP : Suez Is Said to Mull Argentine Asset Seizure to Recoup Debt
- SHP LN : Shire Defeats U.S. Antitrust Complaint on FDA Petitions
- SIFG NA : SIF Reaches Refinancing Agreement of EU350 Million Due 2022
- SIX2 GY : Watch Sixt Shares After Hertz Beats Estimates and Stock Soars
- SAX GY : Stroeer Full Year Oper Ebitda 1.9% Above Estimates
- STAN LN : Standard Chartered Aims to Cut Cost of $700M for 2019-2021 (2)
- SWEDA SS : Danske Says Swedbank Uncertainty to Prevail for Some Time
- SLHN SW : Swiss Life Full Year Net Income CHF1.08 Bln
- SZU GY : Suedzucker Board Approves Restructuring, Factory Shutdowns
- HO FP : Thales Sees 2019 Ebit EU1.78 Bln To EU1.80 Bln
- FP FP : Total to Buy Renewable Energy Company Novenergia, Expresso Says
- VOD LN : Vodafone Urges U.S. to Share Huawei Intelligence: Telegraph
- 01BC GY : Xing Full Year Ebitda 1.3% Above Estimates

>>> US After Hours Summary: THC +13.5%, HTZ / DDS +13%, ETSY +5%,

After Hours Summary: THC +13.5%, HTZ / DDS +13%, ETSY +5%, MOS +4% higher, while MEDP -11%, IMMU -9% are lower following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: HTZ +13.3%, THC +13.5%, DDS +12.8%, GSM +11%, TWOU +7.4%, RCII +5.7%, ETSY +4.7%, CORT +4.4%, MOS +4.1%, RRC +2.2%, CRZO +1.1%

Companies trading higher in after hours in reaction to news: I +4% (initiated with Outperform at Evercore ISI), NIO +2.7% (continued strength), MAT +1.4% (CEO bought ~71K shares worth ~$1 mln and CFO bought 20K shares worth ~$280K), HCA +0.5% (ticking higher following THC results), CLR +0.3% (CEO/Chairman disclosed the purchase of ~884K shares)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: MEDP -10.7%, IMMU -8.8%, RP -5.2%, FRAC -5%, SHAK -1.9%

Companies trading lower in after hours in reaction to news: SAGE -5.4% (announces proposed public offering of $500 mln of its common stock), TSLA -5.1% (on reports that the SEC asked judge to hold Elon Musk in contempt), RARE -4.1% (announces proposed public offering of up to $250 mln of shares of common stock), CAMP -3.3% (light volume; announces two strategic acquisitions), FND -2% (announces secondary offering of 10.0 mln shares of common stock by selling stockholders), GDDY -1.8% (proposes underwritten public offering of 8,546,616 shares of Class A common stock by holders)

>>> Europe : Brokers Uprades & Downgrades - 26th of February 201

>>> Up
* CIE Automotive Upgraded to Hold at Kepler Cheuvreux; PT 24 Euros
* Elekta Upgraded to Hold at SEB Equities; PT 108 Kronor
* Krones Upgraded to Buy at Baader Helvea; Price Target 85 Euros
* Schoeller-Bleckmann Upgraded to Hold at Berenberg
* Siemens Upgraded to Overweight at JPMorgan; PT 118 Euros

>>> Down
* BT Downgraded to Hold at Berenberg
* Centrica Cut to Hold at Kepler Cheuvreux; PT Set to 1.25 Pounds
* Deutz Cut to Hold at Kepler Cheuvreux; Price Target 7 Euros
* Kion Downgraded to Sell at Bankhaus Lampe; PT 46 Euros
* Loudspring Downgraded to Reduce at Inderes; PT 44 Cents
* Sainsbury Downgraded to Add at AlphaValue
* SAS Downgraded to Neutral at SpareBank; Price Target 23 Kronor
* SocGen Downgraded to Hold at Jefferies; PT 25 Euros
* Solarpack Corp Tecnologica Cut to Neutral at JB Capital Markets
* Financiere France BQE Cut to Reduce at Kepler Cheuvreux
* Wolters Kluwer Cut to Reduce at Kepler Cheuvreux; PT 52.50 Euros

>>> Initiation
* Ahold Delhaize Rated New Underperform at MainFirst; PT 20 Euros
* Carrefour Rated New Outperform at MainFirst; PT 21.50 Euros
* Casino Rated New Neutral at MainFirst; PT 44 Euros
* Colruyt Rated New Underperform at MainFirst; PT 43 Euros
* CRH Reinstated at Credit Suisse With Neutral; PT 32 Euros
* DEAG Deutsche Rated New Outperform at MainFirst; PT 6.70 Euros
* Fluidra Rated New Buy at Citi; PT 12 Euros
* Geberit Reinstated at Baader Helvea With Hold; PT 410 Francs
* HeidelbergCement Reinstated Neutral at Credit Suisse
* Hunting Rated New Hold at Berenberg; PT 6.50 Pounds
* IG Group Rated New Outperform at RBC; PT 7.20 Pounds
* J. Martins Rated New Outperform at MainFirst; PT 15.50 Euros
* LafargeHolcim Reinstated Outperform at Credit Suisse
* Metro AG Rated New Neutral at MainFirst; PT 15 Euros
* Petrofac Rated New Hold at Berenberg; PT 5 Pounds
* Philion Rated New Buy at Kalliwoda Research; PT 12.60 Euros
* Rallye Rated New Underperform at MainFirst; PT 10 Euros
* Saipem Rated New Buy at Berenberg; PT 5.50 Euros
* Subsea 7 Rated New Hold at Berenberg; PT 115 Kroner
* TechnipFMC Rated New Buy at Berenberg; PT 26 Euros
* Wood Rated New Hold at Berenberg; PT 5.75 Pounds

>>> Call

>>> Europe : Brokers Uprades & Downgrades - 26th of February 201

>>> Up
* CIE Automotive Upgraded to Hold at Kepler Cheuvreux; PT 24 Euros
* Elekta Upgraded to Hold at SEB Equities; PT 108 Kronor
* Krones Upgraded to Buy at Baader Helvea; Price Target 85 Euros
* Schoeller-Bleckmann Upgraded to Hold at Berenberg
* Siemens Upgraded to Overweight at JPMorgan; PT 118 Euros

>>> Down
* BT Downgraded to Hold at Berenberg
* Deutz Cut to Hold at Kepler Cheuvreux; Price Target 7 Euros
* Kion Downgraded to Sell at Bankhaus Lampe; PT 46 Euros
* Loudspring Downgraded to Reduce at Inderes; PT 44 Cents
* Sainsbury Downgraded to Add at AlphaValue
* SAS Downgraded to Neutral at SpareBank; Price Target 23 Kronor
* SocGen Downgraded to Hold at Jefferies; PT 25 Euros
* Solarpack Corp Tecnologica Cut to Neutral at JB Capital Markets
* Financiere France BQE Cut to Reduce at Kepler Cheuvreux
* Wolters Kluwer Cut to Reduce at Kepler Cheuvreux; PT 52.50 Euros

>>> Initiation
* Ahold Delhaize Rated New Underperform at MainFirst; PT 20 Euros
* Carrefour Rated New Outperform at MainFirst; PT 21.50 Euros
* Casino Rated New Neutral at MainFirst; PT 44 Euros
* Colruyt Rated New Underperform at MainFirst; PT 43 Euros
* CRH Reinstated at Credit Suisse With Neutral; PT 32 Euros
* DEAG Deutsche Rated New Outperform at MainFirst; PT 6.70 Euros
* Fluidra Rated New Buy at Citi; PT 12 Euros
* Geberit Reinstated at Baader Helvea With Hold; PT 410 Francs
* HeidelbergCement Reinstated Neutral at Credit Suisse
* Hunting Rated New Hold at Berenberg; PT 6.50 Pounds
* IG Group Rated New Outperform at RBC; PT 7.20 Pounds
* J. Martins Rated New Outperform at MainFirst; PT 15.50 Euros
* LafargeHolcim Reinstated Outperform at Credit Suisse
* Metro AG Rated New Neutral at MainFirst; PT 15 Euros
* Petrofac Rated New Hold at Berenberg; PT 5 Pounds
* Philion Rated New Buy at Kalliwoda Research; PT 12.60 Euros
* Rallye Rated New Underperform at MainFirst; PT 10 Euros
* Saipem Rated New Buy at Berenberg; PT 5.50 Euros
* Subsea 7 Rated New Hold at Berenberg; PT 115 Kroner
* TechnipFMC Rated New Buy at Berenberg; PT 26 Euros
* Wood Rated New Hold at Berenberg; PT 5.75 Pounds

>>> Call