>>> Europe : Brokers Upgrades & Downgrades - 10th of January 2022

>>> Up
* BMW Raised to Buy at Goldman; PT 123 euros
* Encavis Raised to Outperform at Oddo BHF; PT 19 Euros
* Eni Raised to Market Perform at Bernstein; PT 14.50 euros
* Galp Raised to Outperform at Bernstein; PT 14 euros
* Infineon Raised to Buy at Citi
* Orsted Raised to Buy at Goldman; PT 995 kroner
* STMicroelectronics Raised to Buy at Citi
* Vetoquinol Raised to Buy at Stifel; PT 161 euros

>>> Down
* Adidas Cut to Hold at HSBC; PT 280 euros
* Bureau Veritas Cut to Equal-Weight at Morgan Stanley
* E.On Cut to Neutral at Goldman; PT 13.25 euros
* Equinor Cut to Market Perform at Bernstein; PT 315 kroner
* Eurofins Scientific Cut to Hold at Jefferies; PT 100 euros
* Experian Cut to Equal-Weight at Morgan Stanley; PT 3,560 pence
* Hilton Worldwide Cut to Market Perform at Bernstein; PT $161
* National Grid Cut to Market Perform at Bernstein; PT 1,105 pence
* Nike Cut to Hold at HSBC; PT $182
* Persimmon Cut to Neutral at Citi
* Schneider Electric Cut to Sell at Citi
* UCB Cut to Neutral at Citi; PT 97 euros
* Vetropack Cut to Hold at Stifel; PT 63 Swiss francs
* Wise Cut to Sell at Citi

>>> Initiation
* Novartis Resumed Buy at Citi; PT 95 Swiss francs
* Unilever Resumed Buy at Citi; PT 4,500 pence

>>> Call
* Alibaba Price Targets Lowered at Citi on Soft Consumer Spending
* BMW Raised to Buy at Goldman, Sees Scope for Material Dividends
* Bureau Veritas, Experian Cut at Morgan Stanley, Hays a Top Pick
* Infineon, STMicro Upgraded, Keep Constructive View on Tech: Citi
* Unilever Offers Recovery Story Beyond 1H, Resumed Buy at Citi