>>> Europe : Brokers Upgrades & Dowgrades - 25th of March 2020

>>> Up
* Alcon Raised to Hold at SocGen
* Big Yellow Group Raised to Buy at Berenberg
* Bodycote Raised to Neutral at JPMorgan; PT 615 pence
* Boohoo Raised to Sector Perform at RBC
* Chr. Hansen Raised to Hold at Berenberg; PT 450 kroner
* Continental AG Raised to Buy at Jefferies; PT 78 euros
* Daimler Raised to Buy at Jefferies; PT 40 euros
* Entra Raised to Buy at Arctic Securities; PT 167 kroner
* Getinge Raised to Reduce at AlphaValue
* Glanbia Raised to Buy at Berenberg
* Greencore Group Raised to Buy at Peel Hunt; PT 170 pence
* Hannover Re Raised to Buy at SocGen; PT 145 euros
* Hella Raised to Buy at Jefferies; PT 31 euros
* Hexagon Composites Raised to Neutral at SpareBank; PT 25 kroner
* Hufvudstaden Raised to Buy at SEB Equities; PT 175 kronor
* IWG Raised to Hold at Berenberg
* Latte d'Italia Raised to Buy at UBI Banca; PT 3.40 euros
* LEG Immobilien Raised to Buy at Deutsche Bank; PT 120 euros
* Mediolanum Raised to Buy at Citi
* REN Raised to Buy at SocGen; PT 2.75 euros
* Scor Raised to Buy at SocGen; PT 30 euros
* Shaftesbury Raised to Buy at Liberum; PT 900 pence
* SKF Raised to Neutral at JPMorgan; PT 130 kronor
* Square Raised to Neutral at Nomura Instinet; PT $49
* Total Raised to Outperform at Bernstein; PT 38 euros

>>> Down
* Akzo Nobel PT Cut to 80 euros from 102 euros at Deutsche Bank
* Andritz Cut to Neutral at JPMorgan; PT 33 euros
* Arkema PT Cut to 90 euros from 115 euros at Deutsche Bank
* Covestro PT Cut to 45 euros from 58 euros at Deutsche Bank
* DS Smith Cut to Hold at Berenberg
* Equiniti Cut to Hold at Berenberg
* Evonik Cut to Hold at Berenberg; PT 21 euros
* Faurecia SE Cut to Hold at Jefferies; PT 30 euros
* Givaudan Cut to Hold at Berenberg
* Grifols Cut to Neutral at Citi
* Johnson Matthey PT Cut to 2,700 pence at Deutsche Bank
* Johnson Service Cut to Hold at HSBC; PT 100 pence
* Kering PT Cut to 525 euros from 635 euros at Citi
* Lindt & Spruengli Cut to Hold at Berenberg
* Merck KGaA Cut to Add at AlphaValue
* Merko Ehitus Cut to Neutral at Swedbank; PT 8 euros
* Mitie Cut to Hold at Liberum; PT 80 pence
* Nestle PT cut from 122 to 116 CHF at Berenberg
* Nexans Cut to Neutral at JPMorgan; PT 29 euros
* Prysmian Cut to Neutral at JPMorgan; PT 15.50 euros
* Swatch Cut to Add at AlphaValue
* Synthomer PT Cut to 265 pence from 410 pence at Deutsche Bank
* Taaleri Cut to Reduce at Inderes; PT 6.50 euros

>>> Initiation
* Anglo American Resumed Equal-Weight at Morgan Stanley
* Calisen Rated New Buy at HSBC; PT 225 pence

>>> Call
* Daimler Double Upgraded on Valuation, Asset Strength: Jefferies
* Nordic Bank Dividends Seen Cut on ‘Social Reasons’: Citi