>>> Europe : Brokers Upgrades & Downgrade - 4th of February 2020

>>> Up
* Antofagasta Raised to Hold at Deutsche Bank
* BASF Raised to Hold at Bankhaus Metzler; PT 59 euros
* Bavarian Nordic PT Raised to 330 kroner at Jefferies
* Bechtle Raised to Buy at Bankhaus Metzler; PT 154 euros
* Card Factory Raised to Hold at Peel Hunt
* EasyJet Raised to Hold at SocGen; PT 1,440 pence
* Eurocash Raised to Buy at Goldman; PT 23.90 zloty
* KAZ Minerals Raised to Buy at Deutsche Bank
* Resurs Holding Raised to Buy at SEB Equities; PT 65 kronor
* Siemens Gamesa Raised to Neutral at Alantra Equities
* Tele2 Raised to Buy at New Street Research; PT 165 kronor
* Umicore Raised to Buy at Berenberg
* Valvoline Raised to Neutral at JPMorgan; PT $21

>>> Down
* AA PLC PT Cut to 30 pence from 50 pence at Berenberg
* BASF Cut to Hold at Berenberg
* Covestro Cut to Sell at Berenberg
* Gamma Communications Cut to Neutral at Citi
* MTU Aero Cut to Neutral at JPMorgan; PT 265 euros
* Siltronic Cut to Sell at Berenberg
* XP Power Cut to Neutral at Citi

>>> Initiation
* Adyen Rated New Buy at Rosenblatt Securities Inc
* CareTech Rated New Buy at Berenberg; PT 550 pence
* Civitas Social Housing Rated New Hold at Berenberg
* Empiric Student Rated New Hold at Berenberg; PT 105 pence
* GCP Student Living Rated New Buy at Berenberg; PT 220 pence
* Grainger Rated New Buy at Berenberg; PT 400 pence
* Impact Healthcare Rated New Buy at Berenberg; PT 130 pence
* PRS REIT Rated New Buy at Berenberg; PT 130 pence
* Residential Secure Income Rated New Hold at Berenberg
* Rostelecom Resumed Neutral at Citi
* Sigma Capital Group Rated New Buy at Berenberg; PT 180 pence
* Target Healthcare Rated New Buy at Berenberg; PT 145 pence
* Triple Point Social Rated New Buy at Berenberg; PT 110 pence
* Unite Group Rated New Buy at Berenberg; PT 1,425 pence
* Urban & Civic Rated New Buy at Berenberg; PT 450 pence

>>> Call
* Card Factory Raised at Peel With Shares Pricing in ‘Disaster’
* Plenty of Opportunities in U.K. Residential Property: Berenberg
* Siltronic Cut to Sell at Berenberg, Citing Wafer Oversupply