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                            - Georgian Banks: Life after the first dose (TBC Bank Group upgraded to BUY, Bank of Georgia stays HOLD) by Wood and Company
 
                            - Turkish Banks: Hinging on the CBT (Garanti Bank, Isbank stay BUY; Akbank and Yapi Kredi downgraded to HOLD) by Wood and Company
 
                            - PGNiG: Price dream, fjord stream (upgraded to BUY) by Wood and Company
 
                            - Globalworth: Headwinds priced in, bid could drive upside (upgraded to BUY) by Wood and Company
 
                            - Wizz Air: Float like a butterfly (upgraded to BUY) by Wood and Company
 
                            - Sberbank: Banks, germs and steel (upgraded to BUY) by Wood and Company
 
                            - Arcelik: M&A and guidance upgrade boost our PT (upgraded to HOLD) by Wood and Company
 
                            - Greek Oil & Gas: A more refined business model (Hellenic Petroleum upgraded to BUY, Motor Oil Hellas stays BUY) by Wood and Company
 
                            - Conpet: Profit boost from the rise in tariffs (upgraded to HOLD) by Wood and Company
 
                            - Polish Food Retail: The good, the expensive, and the ugly (duckling) (Dino stays SELL, Eurocash upgraded to BUY, Jeronimo Martins stays HOLD) by Wood and Company
 
                            - Russian Technology: fortune favours the brave (Yandex, HeadHunter, Ozon and QIWI stay BUY; VK upgraded to BUY) by Wood and Company
 
                            - MOL: prices, pumps, and polyol (upgraded to BUY) by Wood and Company
 
                            - Arena Hospitality Group: more pleasure, less business (upgraded to BUY) by Wood and Company
 
                            - Allegro: Still a market leader, with ambitions for more (upgraded to BUY) by Wood and Company
 
                            - Polish financials: PZU - higher rates and for longer (stays BUY); Bank Pekao - standing firm against the headwinds (stays BUY); Alior Bank - too cheap to ignore (upgraded to BUY) by Wood and Company
 
                            - Romanian Utilities: for those willing to wait (Electrica stays BUY, Transgaz stays HOLD, Transelectrica upgraded to HOLD) by Wood and Company
 
                            - Kcell: attractively-valued frontier exposure (upgraded to BUY) by Wood and Company
 
                            - Polish Banks: conditional BUYing opportunity (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Millennium, Alior Bank, Bank Handlowy) by Wood and Company
 
                            - Polish Utilities: the Ugly Ducklings (TPE and PGE stay BUY, ENA upgraded to BUY, LWB stays HOLD) by Wood and Company
 
                            - Alkaloid AD Skopje: near-term prospects are looking up (upgraded to HOLD) by Wood and Company
 
                            - Sarantis Group: the advantage of pricing power (upgraded to BUY) by Wood and Company
 
                            - Orange Polska: bottom fishing (upgraded to BUY) by Wood and Company
 
                            - Sopharma Group: finished product sales regain traction (upgraded to HOLD) by Wood and Company
 
                            - Polish Food Retail: we still see some upside (JMT upgraded to BUY, EUR stays BUY, DNP stays SELL) by Wood and Company
 
                            - Banca Transilvania: bad news in the price, time to re-rate (upgraded to BUY) by Wood and Company
 
                    
     
    
        
            
                        - QIWI: Stacking the odds (upgraded to BUY) by Wood and Company
 
                        - Polish Banks: Still more progress to come (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Millennium, Alior Bank, Bank Handlowy) by Wood and Company
 
                        - Echo Investment: Bigger, better, faster, stronger (upgraded to BUY) by Wood and Company
 
                        - Aegean Airlines: Sweet summer sun (upgraded to BUY) by Wood and Company
 
                        - Tupras: So… time to fly (upgraded to BUY) by Wood and Company
 
                        - S Immo: Capital rotation to exploit yield spread (upgraded to BUY) by Wood and Company
 
                        - Ekspress Grupp: Faster growth and higher profitability (upgraded to BUY) by Wood and Company
 
                        - Greek Banks: Open for business (Alpha Bank, Eurobank and NBG stay BUY, Piraeus Bank upgraded to BUY) by Wood and Company
 
                        - Fondul Proprietatea: Power lift (upgraded to BUY) by Wood and Company
 
                        - Piraeus Port Authority: full steam ahead (upgraded to BUY) by Wood and Company
 
                        - Otokar: upgraded on improved prospects (upgraded to BUY) by Wood and Company
 
                        - LPP: between a rock and a hard place (upgraded to BUY) by Wood and Company
 
                        - LiveChat Software: safe haven in times of uncertainty (upgraded to BUY) by Wood and Company
 
                        - Nuclearelectrica: riding the power price boom (upgraded to BUY) by Wood and Company
 
                        - InPost: e-commerce growth at courier multiples (upgraded to BUY) by Wood and Company
 
                        - EME Stock Exchanges: reversal of fortunes – out with the new, in with the old (ASE, BVB, GPW, ZSE) by Wood and Company
 
                        - Aegean Airlines: on the beach! (upgraded to BUY) by Wood and Company
 
                        - Immofinanz: will they, won’t they, when? (upgraded to HOLD) by Wood and Company
 
                        - Polish Oil & Gas: you can’t have one, without the other (PKN Orlen stays BUY, Grupa Lotos upgraded to BUY) by Wood and Company
 
                        - Ilirija d.d.: stronger prices drive upgrade (upgraded to BUY) by Wood and Company
 
                        - Turkish Airlines: firing on all cylinders (upgraded to HOLD) by Wood and Company
 
                        - Fourlis Group: 2 for the price of 1 (upgraded to BUY) by Wood and Company
 
                        - OTP Bank: should fare well, absent more negative events (upgraded to BUY) by Wood and Company
 
                        - OMV: turning oil fields into yields (upgraded to BUY) by Wood and Company
 
                        - AmRest: discounted valuation call (upgraded to BUY) by Wood and Company