>>> Europe : Brokers Upgrades & Downgrades - 12th of June 2020

>>> Up
* Altia Raised to Buy at SEB Equities; PT 9 euros
* Aumann Raised to Hold at Commerzbank; PT 12.30 euros
* DSV Panalpina Raised to Buy at Goldman; PT 869 kroner
* General Motors Raised to Buy at Goldman; PT $36
* Trelleborg PT Raised to 178 kronor at Morgan Stanley

>>> Down
* Do & Co Cut to Accumulate at Erste Group; PT 60.70 euros
* EQT Cut to Sell at Citi
* Ferrexpo Cut to Sell at Citi
* Johnson Matthey Cut to Hold at Deutsche Bank; PT 2,200 pence
* On The Beach Cut to Hold at Jefferies; PT 330 pence
* Teleperformance Cut to Equal-Weight at Morgan Stanley
* Tesla Cut to Underweight at Morgan Stanley; PT $650
* Tesla Cut to Neutral at Goldman; PT $950
* TI Fluid Cut to Neutral at Goldman; PT 206 pence

>>>> Initiation
* FACC Rated New Sell at Berenberg; PT 5.90 euros

>>> Call
* Hotel Sector Not Returning to Pre-Covid Levels Soon: Hilton
* Road to Recovery for Travel Operators Will Be Long: Jefferies
* Royal Mail’s Unprofitable UKPIL Has No Valuation Floor: Liberum
* Teleperformance Cut at MS on Travel Pressures for TLS Unit