>>> Europe : Brokers Upgrades & Downgrades - 12th of January 2023

>>> Up
* American Tower Raised to Buy at Deutsche Bank; PT $254
* Autoliv Raised to Outperform at Exane; PT $100
* BHP Raised to Buy at Berenberg; PT 3,100 pence
* Bluefield Solar Income Raised to Buy at Stifel
* DCC Raised to Outperform at RBC; PT 4,800 pence
* Moderna PT Raised to $220 from $150 at Argus
* Neoen Raised to Buy at Stifel; PT 42 euros
* Nestle Raised to Buy at Deutsche Bank; PT 120 Swiss francs
* Netflix Raised to Buy at Jefferies; PT $385
* Rio Tinto Raised to Equal-Weight at Barclays; PT 5,800 pence
* Schindler Raised to Overweight at Barclays; PT 225 Swiss francs
* Sodexo PT Raised to 114 euros from 105 euros at Citi
* TotalEnergies ADRs Raised to Outperform at Wolfe; PT $72~
* Voestalpine Raised to Overweight at Barclays; PT 35 euros

>>> Down
* AB InBev Cut to Hold at Deutsche Bank; PT 61 euros
* Anglo American Cut to Neutral at Credit Suisse
* Ashtead Cut to Sector Perform at RBC; PT 5,250 pence
* Axactor ASA Cut to Hold at Nordea
* Cofinimmo Cut to Hold at ING; PT 93 euros
* DuPont de Nemours Cut to Sector Weight at KeyBanc
* Fevertree Drinks Cut to Sell at Deutsche Bank; PT 780 pence
* First Quantum Minerals Cut to Underweight at Barclays; PT C$23
* GEA Group Cut to Equal-Weight at Barclays; PT 41 euros
* Henkel Cut to Sell at Deutsche Bank; PT 58 euros
* Kamux Cut to Accumulate at Inderes; PT 5.40 euros
* Kion Cut to Neutral at JPMorgan; PT 40 euros
* Lululemon PT Cut to $397 from $431 at Goldman
* Plastic Omnium Cut to Neutral at Exane; PT 17 euros
* Porsche SE Cut to Neutral at Exane; PT 61 euros
* Roku Cut to Underperform at Jefferies; PT $30
* Royal Unibrew Cut to Sell at Deutsche Bank; PT 390 kroner
* RS Group Cut to Sector Perform at RBC; PT 1,000 pence
* SAP Cut to Hold at CFRA
* Shell ADRs Cut to Peerperform at Wolfe
* Spotify Cut to Hold at Jefferies; PT $95
* Ubisoft Cut to Neutral at JPMorgan; PT 24 euros
* Unity Software Cut to Underperform at Jefferies

>>> Initiation
* DSV Rated New Buy at DNB Markets; PT 1,290 kroner
* EPRB IM Rated New Outperform at EnVent S.p.A.; PT 5 euros
* Focusrite Rated New Buy at Berenberg; PT 1,100 pence
* Fresnillo Assumed Equal-Weight at Morgan Stanley; PT 860 pence
* Pernod Ricard Resumed Buy at Citi; PT 217 euros
* PZ Cussons Rated New Buy at Deutsche Bank; PT 270 pence
* Sanofi Resumed Buy at Citi; PT 110 euros

>>> Call
* Berenberg Upbeat on Miners, BHP, Rio Upgraded; CS Cuts Anglo
* Ubisoft ADRs Slump After Weak Forecast, Citi’s Negative Comments
* PVA TePla Has Exciting Set-Up in 2023, Raised to Buy: Berenberg
* RBC Sees Tough Year For Business Services, Cuts Three Stocks
* Telenor ‘Unloved,’ But Can Improve Sentiment: Morgan Stanley