>>> Europe : Brokers Upgrades & Downgrades - 11th of February 2020 v2(+)

>>> Up
* Alpha Bank Raised to Overweight at JPMorgan; PT 2.50 euros
* Bakkafrost Raised to Neutral at SpareBank; PT 625 kroner
* Boohoo Raised to Overweight at Barclays; PT 380 pence
* Hammerson Raised to Buy at Peel Hunt; PT 270 pence
* HSBC Raised to Outperform at Credit Suisse; PT 635 pence (+)
* Ingenico Group PT Raised to 123.10 euros at Deutsche Bank
* Ipsen Raised to Neutral at Credit Suisse; PT 72 euros (+)
* Just Eat Takeaway.com NV Raised to Overweight at JPMorgan
* Piraeus Bank Raised to Overweight at JPMorgan; PT 4.20 euros
* Synergie Raised to Add at Gilbert Dupont; PT 31 euros (+)
* United Utilities Raised to Buy at Jefferies; PT 1,100 pence
* Worldline PT Raised to 84 euros from 75 euros at Deutsche Bank

>>> Down
* Antofagasta Cut to Underperform at RBC; PT 740 pence
* B&M European Cut to Neutral at JPMorgan; PT 360 pence
* Capgemini Cut to Neutral at Oddo BHF (+)
* Eurobank Cut to Neutral at JPMorgan; PT 1 euro
* Gazprom GDRs Cut to Sell at VTB Capital; PT $6.20
* Ingenico Group Cut to Equal-Weight at Barclays; PT 110 euros
* Intu Cut to Reduce at Peel Hunt
* Isra Vision Cut to Hold at Jefferies; PT 50 euros
* K+S Cut to Hold at Commerzbank; PT 10.50 euros (+)
* Moncler Cut to Hold at SocGen; PT 43 euros (+)
* Norway Royal Salmon Cut to Neutral at SpareBank; PT 255 kroner
* Petra Diamonds Cut to Neutral at Citi
* Rio Tinto Cut to Underperform at RBC; PT 3,300 pence
* ROCKWOOL International A/S Cut to Underweight at Morgan Stanley
* Royal Mail Cut to Sell at SocGen; PT 148 pence
* Sopra Steria Cut to Neutral at Oddo BHF (+)
* Tatneft GDRs Cut to Hold at VTB Capital; PT $77.40
* TietoEVRY Cut to Reduce at Oddo BHF (+)

>>> Initiation
* Adevinta Rated New Hold at SocGen; PT 123 kroner
* Auto Trader Rated New Hold at SocGen; PT 615 pence
* Barclays Reinstated Neutral at Credit Suisse; PT 185 pence (+)
* Lloyds Banking Group Reinstated Neutral at Credit Suisse (+)
* Norway Royal Salmon Cut to Neutral at SpareBank; PT 255 kroner
* RBS Reinstated Outperform at Credit Suisse; PT 260 pence (+)
* Reply Cut to Reduce at Oddo BHF (+)
* Rheinmetall Rated New Overweight at Morgan Stanley
* Rightmove Rated New Buy at SocGen; PT 845 pence
* Rotork Rated New Sell at Shore Capital (+)
* Saint-Gobain Resumed Equal-Weight at Morgan Stanley
* Scout24 Rated New Buy at SocGen; PT 75 euros
* Sinch Rated New Buy at SEB Equities; PT 400 kronor
* Standard Chartered Reinstated Underperform at Credit Suisse (+)

>>> Call
* Adidas Estimates Cut at Citi; Outlook Likely to Overshadow 4q (+)
* AMS 4Q, Outlook Beat Expectations as Focus on Osram Deal: Erste (+)
* Delivery Hero 4Q Results ‘Good,’ Outlook Above Consensus: Citi (+)
* Intu Probably Needs GBP2b, Peel Hunt Says; Raises Peer Hammerson
* Just Eat Takeaway Gets Street-High PT on U.K. Scope: JPMorgan
* Michelin 2020 Forecast Cautious But Downside Limited: Analysts (+)
* Novo Nordisk Says New Insulin Is Likely Next ‘Gold Standard’: JP (+)
* RBC Cuts Anto and Rio as Coronavirus Puts Pressure on Sector (+)
* Rotork Doesn’t Deserve Premium to Peers, Shore Capital Says (+)
* Umicore Ebit Consensus Likely to See Upgrades on Recycling: Citi
* United Utilities Double-Upgraded on Regulatory Result: Jefferies (+)