>>> Up
* Beazley Raised to Overweight at Morgan Stanley; PT 678 pence
* Fresenius SE Raised to Buy at HSBC; PT 35 euros
* Holmen Raised to Buy at Nordea; PT 480 kronor
* Sanofi Raised to Hold at Deutsche Bank; PT 90 euros
* SMA Solar Raised to Hold at Jefferies; PT 52 euros
* Sodexo Raised to Outperform at Exane; PT 90 euros
* Stroeer Raised to Equal-Weight at Barclays; PT 53 euros
* UPM-Kymmene Raised to Buy at Jefferies; PT 37.25 euros
>>> Down
* Alcon Cut to Hold at SocGen; PT 73.60 Swiss francs
* BCP Cut to Neutral at Grupo Santander; PT 20 euro cents
* Dufry Cut to Neutral at Goldman; PT 44 Swiss francs
* Equinor Cut to Underperform at Grupo Santander; PT 270 kroner
* Eutelsat Cut to Underweight at JPMorgan; PT 8 euros
* Fractal Gaming Group Cut to Hold at ABG; PT 25 kronor
* K+S Cut to Sector Perform at Scotiabank; PT 26 euros
* McPhy Cut to Hold at Panmure Gordon; PT 15.30 euros
* Mowi Cut to Neutral at Exane; PT 240 kroner
* Nel Cut to Hold at Panmure Gordon; PT 15.60 kroner
* Netcompany Cut to Buy at Jyske Bank; PT 550 kroner
* Telenet Cut to Neutral at Goldman; PT 16.50 euros
* TF1 Cut to Underweight at Barclays; PT 6.50 euros
>>> Initiation
* 3i Infra Rated New Buy at Numis; PT 1,940 pence
* Johnson Matthey Resumed Neutral at Citi; PT 2,200 pence
* Oracle Rated New Buy at Guggenheim; PT $107
>>> Call
* Bayer Narrative Improving, Glyphosate Provisioning Ample: Citi
* Beazley Upgraded at MS After Robust 1H for Lloyd’s Insurers
* IG Group Up to Buy at Liberum as ‘Promising’ Growth Seen Ahead
* SMA Solar Raised at Jefferies as Solar Boom ‘Lifting All Boats’
* UPM Upgraded to Buy at Jefferies on ‘Appealing’ Earnings Outlook