>>> Europe : Brokers Upgrades & Dowgrades - 25th of March 2020 V2 (+)

>>> Up
* AB InBev Raised to Buy at Bryan Garnier; PT 60 euros (+)
* Akzo Nobel Raised to Buy at Citi (+)
* Alcon Raised to Hold at SocGen
* Assura Raised to Buy at Berenberg; PT 75 pence (+)
* Bachem Raised to Neutral at Credit Suisse; PT 163 Swiss francs (+)
* Bankia Raised to Neutral at UBS; PT 90 euro cents (+)
* Big Yellow Group Raised to Buy at Berenberg
* Bodycote Raised to Neutral at JPMorgan; PT 615 pence
* Boohoo Raised to Sector Perform at RBC
* Centamin Raised to Buy at Berenberg; PT 143 pence (+)
* Chr. Hansen Raised to Hold at Berenberg; PT 450 kroner
* Civitas Social Housing Raised to Buy at Berenberg; PT 100 pence (+)
* Continental AG Raised to Buy at Jefferies; PT 78 euros
* Daimler Raised to Buy at Jefferies; PT 40 euros
* Derwent London Raised to Buy at Berenberg; PT 3,600 pence (+)
* Deutsche Boerse Raised to Buy at DZ Bank; PT 130 euros (+)
* Enagas Raised to Neutral at JB Capital Markets; PT 19.30 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
* Helical Raised to Buy at Berenberg; PT 375 pence (+)
* 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
* Informa Raised to Buy at Berenberg; PT 625 pence (+)
* 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
* Lok'nStore Group Raised to Buy at Arden Partners; PT 480 pence (+)
* Mediolanum Raised to Buy at Citi
* Novozymes Raised to Hold at Jyske Bank; PT 290 kroner (+)
* Pearson Raised to Hold at Berenberg; PT 450 pence (+)
* Primary Health Raised to Buy at Berenberg; PT 150 pence (+)
* Publicis Raised to Buy at Berenberg; PT 38 euros (+)
* REN Raised to Buy at SocGen; PT 2.75 euros
* Rightmove Raised to Hold at Berenberg; PT 400 pence (+)
* Scor Raised to Buy at SocGen; PT 30 euros
* Schibsted Raised to Buy at Danske Bank Markets; PT 257 kroner (+)
* 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
* Vestas Raised to Buy at Jyske Bank; PT 680 kroner (+)
* Vitrolife Raised to Hold at Danske Bank Markets; PT 136 kronor (+)
* Wolters Kluwer Raised to Buy at Berenberg; PT 69 euros (+)
* Workspace Raised to Hold at Berenberg; PT 700 pence (+)

>>> Down
* Air France-KLM Cut to Sell/HighRisk From Buy, Target Cut to EUR1 From EUR9 by Citigroup (+) !!!!!!
* Aker Solutions Cut to Neutral at Credit Suisse; PT 6.70 kroner (+)
* 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
* BBVA Cut to Neutral at UBS; PT 3.30 euros (+)
* Covestro PT Cut to 45 euros from 58 euros at Deutsche Bank
* DS Smith Cut to Hold at Berenberg
* EasyJet Cut to Neutral From Buy, Target Cut to GBP5.90 From GBP14 by Citigroup (+)
* Endesa Raised to Buy at Grupo Santander; PT 23 euros (+)
* 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
* Groupe Crit PT Cut to 45 euros from 70 euros at Oddo BHF (+)
* Intu Cut to Sell at Berenberg; PT 1 penny (+)
* JD Sports Raised to Buy at Stifel; PT 540 pence (+)
* 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
* Liontrust Asset Cut to Hold at Investec; PT 870 pence (+)
* *Lufthansa Target Cut to EUR0.50 From EUR10.00 by Citigroup (+)
* Mears Cut to Hold at Liberum; PT 150 pence (+)
* Mediaset Cut to Hold at Berenberg; PT 1.75 euros (+)
* 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
* OVS Cut to Neutral at Banca Akros (ESN); PT 1 euro (+)
* ProSieben Cut to Hold at Berenberg; PT 10 euros (+)
* Prysmian Cut to Neutral at JPMorgan; PT 15.50 euros
* RDI REIT Cut to Hold at Berenberg; PT 80 pence (+)
* Staffline PT Cut to 25 pence from 100 pence at Liberum (+)
* 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
* TechnipFMC Cut to Neutral at Credit Suisse; PT $9 (+)

>>> Initiation
* Anglo American Resumed Equal-Weight at Morgan Stanley
* Calisen Rated New Buy at HSBC; PT 225 pence
* Electrolux Professional Rated New Buy at Handelsbanken (+)
* Equinor Reinstated Hold at Berenberg; PT 140 kroner (+)
* HBM Healthcare Rated New Buy at Baader Helvea (+)
* OMV Reinstated Buy at Berenberg; PT 33 euros (+)
* Repsol Reinstated Hold at Berenberg; PT 8.60 euros (+)

>>> Call
* Akzo Double-Upgraded as Citi Expects Ebit Growth in 2020 (+)
* Daimler Double Upgraded on Valuation, Asset Strength: Jefferies
* EON’s Strategy Should Be Well Received by Market, RBC Says (+)
* Grifols Cut as Citi Sees Major Virus Disruption for Rest of Year (+)
* Nordic Bank Dividends Seen Cut on ‘Social Reasons’: Citi
* German Residential Resilient in COVID-19 Crisis, Berenberg Says (+)