>>> Europe : Brokers Upgrades & Downgrades - 12th of January 2024 V2(+)

>>> Up

* AMS Osram Raised to OutPerform from Market Perform at Bernstein

* Arkema Raised to Equal-Weight at Morgan Stanley; PT 105 euros

* ASR Nederland Raised to Overweight at JPMorgan; PT 55 euros

* Autoliv GDRs Raised to Buy at Berenberg; PT 1,224 kronor

* Autoliv Raised to Buy at Berenberg; PT $120

* Bunzl Raised to Equal-Weight at Morgan Stanley; PT 3,030 pence

* Bureau Veritas Raised to Overweight at Morgan Stanley
* Corticeira Amorim Raised to Buy at Bestinver; PT 11.10 euros

* Draegerwerk Raised to Buy at M.M. Warburg; PT 62 euros (+)

* International Flavors Raised to Buy at Jefferies; PT $112

* Lanson-BCC Raised to Outperform at Oddo BHF; PT 45 euros

* SGS Raised to Equal-Weight at Morgan Stanley; PT 81 Swiss francs

>>> Down

* AB InBev Cut to Neutral at BNPP Exane

* Ageas Cut to Underweight at JPMorgan; PT 39 euros

* Airtel Africa Cut to Neutral at JPMorgan; PT 130 pence

* Axfood Cut to Sell from Hold at Danske Bank (+)

* Brenntag Cut to Equal-Weight at Morgan Stanley; PT 86 euros

* Carlsberg Raised to Outperform at BNPP Exane; PT 1,040 kroner

* Ceres Power Cut to Underperform at RBC; PT 150 pence

* Coca-Cola Europacific Raised to Outperform at BNPP Exane; PT $79

* Diageo Cut to Underperform at BNPP Exane

* Eurofins Scientific Cut to Underweight at Morgan Stanley

* IMCD Cut to Underweight at Morgan Stanley; PT 141 euros

* Johnson Controls Cut to Underperform at RBC; PT $50

* Know IT Cut to Hold at Nordea

* Lanxess Cut to Underweight at Morgan Stanley; PT 23.50 euros

* McPhy Cut to Sector Perform at RBC; PT 4 euros
* Merlin Properties Cut to Hold at Mirabaud Securities

* NN Group Cut to Neutral at JPMorgan; PT 44 euros

* Pandora Cut to Hold at ABG; PT 1,050 kroner

* Quilter Cut to Neutral at UBS

* Rational Cut to Hold at Hauck & Aufhaeuser; PT 710 euros (+)

* Rentokil Cut to Equal-Weight at Morgan Stanley; PT 540 pence

* Sparebank 1 Oestlandet Cut to Hold at SEB Equities

* Wacker Chemie Cut to Equal-Weight at Morgan Stanley

>>> Initiation

* Aegean Air Reinstated Overweight at Euroxx Securities (+)

* British Land Reinstated Buy at SocGen; PT 470 pence
* Derwent London Reinstated Hold at SocGen; PT 2,342 pence

* GCP Infra Rated New Outperform at RBC; PT 90 pence

* Great Portland Rated New Sell at SocGen; PT 384 pence

* Land Sec. Reinstated Hold at SocGen; PT 741 pence

* Prosus Rated New Buy at Redburn; PT 39 euros (+)

* Sainsbury PLC Initiate with Buy Price Target 370p at Kepler Cheuvreux (+)

* Workspace Rated New Hold at SocGen; PT 578 pence

>>> Call