>>> Up
* Alcoa Raised to Overweight at Morgan Stanley; PT $66
* Aroundtown Raised to Neutral at JPMorgan; PT 3.10 euros
* Big Yellow Group Raised to Overweight at JPMorgan
* Credit Agricole Raised to Buy at AlphaValue/Baader
* Gecina Raised to Overweight at JPMorgan; PT 112 euros
* Grand City Properties Raised to Buy at Goldman; PT 12.60 euros
* Kion Raised to Neutral at Goldman; PT 23 euros (+)
* SFS Raised to Hold at Berenberg; PT 75 Swiss francs
* TAG Immobilien Raised to Overweight at Barclays; PT 11 euros
>>> Down
* Adidas Cut to Market Perform at Cowen; PT 155 euros
* Adobe Cut to Neutral at Baird; PT $355
* Adobe Cut to Equal-Weight at Barclays; PT $340
* Aroundtown Cut to Neutral at Goldman; PT 2.70 euros
* Catena Cut to Underweight at JPMorgan; PT 400 kronor
* Credit Agricole Cut to Hold at SocGen
* FedEx Cut to Hold at Stifel; PT $195
* FedEx Cut to Sector Weight at KeyBanc
* FedEx Cut to Neutral at JPMorgan; PT $214
* Fevertree Drinks Cut to Hold at Berenberg; PT 1,000 pence
* Idorsia Cut to Sell at Citi; PT 13 Swiss francs (+)
* InterContinental Hotels Cut to Sell at Citi; PT 4,450 pence
* International Paper Cut to Underperform at Jefferies
* Kojamo Cut to Underweight at JPMorgan; PT 15 euros
* Land Sec. Cut to Sell at Goldman; PT 500 pence
* LNA Sante Cut to Neutral at Oddo BHF; PT 36 euros (+)
* MFE Cut to Underweight at Barclays; PT 45 euro cents
* Proximus Cut to Sell at SocGen; PT 10 euros
* Royal Mail Cut to Neutral at JPMorgan; PT 270 pence
* Semperit Cut to Hold at Erste Group; PT 20.10 euros
* Stroeer Cut to Hold at Deutsche Bank; PT 62 euros
* Telefonica Deutschland Cut to Equal-Weight at Barclays
* Telecom Italia Cut to Underweight at Barclays; PT 15 euro cents
* THG PLC Cut to Neutral at Goldman; PT 50 pence
* Unite Group Cut to Neutral at JPMorgan; PT 1,075 pence
* Vonovia Cut to Equal-Weight at Barclays; PT 30 euros
>>> Initiation
* Investec Rated New Buy at Berenberg; PT 540 pence
* Landis + Gyr Rated New Buy at Baader Helvea; PT 77 Swiss francs
* Vitesco Rated New Buy at M.M. Warburg; PT 78 euros (+)
>>> Call
* Adidas Cut at Cowen on Weakening Data Points, Rising Risks
* Ariston’s Centrotec Deal Has Long-Term Strategic Value: Citi (+)
* Fevertree Cut at Berenberg as Pressures Rise in Core UK Market
* Idorsia Cut to Sell at Citi on Delayed Breakeven, Liquidity Woes (+)
* IHG Gets Only Sell as Citi Downgrades on ‘Muted’ Demand Outlook
* International Paper, PCA Cut to Underperform at Jefferies (+)
* Investec Rated Buy at Berenberg on Streamlined Business Offering
* SFS Upgraded to Hold at Berenberg; New Investments ‘A Bit Risky’ (+)
* SocGen Says S&P 500 to Hit New Low, Sees Zero EPS growth in 2023
* Stroeer FY Goal ‘Challenging,’ Deutsche Bank Cuts to Hold (+)
* UCB Risk Profile Now More Balanced, Citi Upgrades to Neutral