>>> Europe : Brokers Upgrades & Downgrades - 12th of December 2022 V2(+)

>>> Up
* Adevinta Raised to Neutral at Citi; PT 73 kroner
* Air France-KLM Raised to Hold at Stifel; PT 1.20 euros
* Alcon Raised to Buy at Citi; PT 78.67 Swiss francs
* Bakkafrost Raised to Buy at Nordea (+)
* Beiersdorf Raised to Sector Perform at RBC; PT 98 euros
* Gap Raised to Buy at Goldman; PT $18
* IAG Raised to Hold at Stifel; PT 129.04 pence
* S Immo Raised to Accumulate at Erste Group; PT 14.50 euros
* Under Armour Raised to Buy at Stifel; PT $12
* Wood Raised to Buy at Jefferies; PT 190 pence

>>> Down
* Bystronic Cut to Market Perform at ZKB (+)
* Capgemini Cut to Equal-Weight at Morgan Stanley; PT 221 euros
* Celon Pharma Cut to Hold at Erste Group; PT 17.50 zloty
* Dalata Cut to Hold at Jefferies
* Deutsche Boerse Cut to Neutral at JPMorgan; PT 186 euros
* Fresenius SE Cut to Hold at M.M. Warburg (+)
* Hexatronic Cut to Hold at Pareto Securities; PT 175 kronor (+)
* IDS Cut to Hold at HSBC; PT 215 pence
* Leroy Raised to Buy at Nordea; PT 55 kroner (+)
* L'Oreal Cut to Underperform at RBC; PT 290 euros
* Melia Hotels Cut to Hold at Jefferies
* MFE Cut to Underweight at JPMorgan; PT 58 euro cents
* Micron Cut to Hold at Deutsche Bank; PT $55
* PPHE Hotel Cut to Hold at Jefferies
* ProSieben Cut to Neutral at JPMorgan; PT 11 euros
* Salmar Raised to Buy at Nordea; PT 400 kroner (+)
* TeamViewer Cut to Underweight at Morgan Stanley; PT 12 euros
* Valoe Cut to Sell at Inderes; PT 2 euro cents

>>> Initiation
* Ageas Reinstated Sell at Goldman; PT 39.50 euros
* Amplifon Reinstated Neutral at Citi; PT 28.50 euros (+)
* Bankinter Rated New Outperform at Autonomous; PT 7.60 euros
* Coinbase Rated New Sector Weight at KeyBanc
* Coloplast Reinstated Neutral at Citi; PT 900 kroner (+)
* ConvaTec Reinstated Neutral at Citi; PT 245 pence (+)
* Demant Reinstated Neutral at Citi; PT 220 kroner (+)
* Elekta Reinstated Sell at Citi; PT 57 kronor (+)
* EssilorLuxottica Reinstated Buy at Citi; PT 210 euros (+)
* Fresenius SE Reinstated Buy at Citi; PT 34 euros (+)
* Fresenius Medical Reinstated Neutral at Citi; PT 32 euros (+)
* GN Store Nord Reinstated Buy at Citi; PT 235 kroner (+)
* Philips Reinstated Neutral at Citi; PT 14.50 euros (+)
* Haypp Group Rated New Overweight at Barclays; PT 60 kronor
* NN Reinstated Buy at Goldman; PT 53.50 euros
* Otovo Rated New Buy at Fearnley; PT 28 kroner
* OVS Cut to Neutral at Banca Akros (ESN); PT 2.40 euros (+)
* Siemens Healthineers Reinstated Buy at Citi; PT 61.50 euros (+)
* Smith & Nephew Reinstated Buy at Citi; PT 1,275 pence (+)
* Sonova Reinstated Sell at Citi; PT 220 Swiss francs (+)
* Straumann Reinstated Sell at Citi; PT 88 Swiss francs (+)

>>> Call
* Accor, Dalata, Melia Cut at Jefferies on Cautious Hotel Outlook
* Ageas New Sell at Goldman on China Exposure, NN Group Rated Buy
* Bank of America expects a recession next year, Moynihan says
* Deutsche Boerse Downgraded at JPM With LSE, Euronext Preferred (+)
* Sanofi Likely to Rise After Walking Away From Horizon: Barclays
* Wood Upgraded to Buy at Jefferies on Stronger Cash-Flow Outlook
* LSE’s Microsoft Partnership Boosts Growth Potential, MS Says (+)
* L’Oreal Cut at RBC as ‘Cracks’ Appearing; Beiersdorf Upgraded (+)
* Morgan Stanley Positioning Defensively on EU Tech Stocks in 2023
* Morgan Stanley’s Wilson Says Stocks Don’t Reflect Earnings Risk