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

>>> Up
* AB InBev Raised to Outperform at RBC; PT 55 euros
* AAK Raised to Hold at Carnegie; PT 160 kronor
* ASML Raised to Outperform at Bernstein; PT 316 euros
* ASML ADRs Raised to Outperform at Bernstein; PT $352
* Assa Abloy Raised to Hold at HSBC; PT 205 kronor
* Basic-Fit Raised to Equal-Weight at Morgan Stanley; PT 30 euros
* Bayer Raised to Buy at LBBW; PT 71 euros
* Beiersdorf Raised to Buy at LBBW; PT 112 euros
* Burberry Raised to Market Perform at Bernstein
* Deutsche Boerse Raised to Buy at LBBW; PT 160 euros
* Deutsche Post Raised to Overweight at JPMorgan; PT 28.44 euros
* dormakaba Raised to Hold at HSBC; PT 555 Swiss francs
* Galp Raised to Overweight at JPMorgan; PT 13.50 euros
* Hermes International Raised to Outperform at Bernstein
* Italgas Raised to Outperform at Mediobanca SpA
* Italgas Raised to Neutral at Citi; PT 5.20 euros
* Maersk Raised to Buy at Carnegie; PT 7,800 kroner
* MTG Raised to Buy at SEB Equities; PT 105 kronor
* Rational Raised to Buy at HSBC; PT 646 euros
* Rational Raised to Buy at Berenberg; PT 655 euros
* Software AG Raised to Buy at Baader Helvea; PT 34 euros
* Sunrise Raised to Overweight at Barclays; PT 95 Swiss francs
* Swisscom Raised to Equal-Weight at Barclays
* Thales Raised to Buy at Goldman; PT 121 euros

>>> Down
* AJ Bell Cut to Sell at Berenberg; PT 280 pence
* Cellnex Cut to Sell at Insight Investment Research; PT 54 euros
* eDreams ODIGEO Cut to Hold at Deutsche Bank; PT 4 euros
* Gem Diamonds Cut to Neutral at Citi
* Hoegh LNG Cut to Hold at SEB Equities; PT 15 kroner
* LEG Immobilien Cut to Hold at Commerzbank; PT 121 euros
* OMV Cut to Underweight at JPMorgan; PT 35 euros
* Repsol Cut to Neutral at JPMorgan; PT 11 euros
* Shell Cut to Neutral at JPMorgan; PT 1,750 pence

>>> Initiation
* Terna Resumed Neutral at Mediobanca SpA; PT 6.20 euros

>>> Call
* AB InBev Undervalued Despite ‘Èxcessive Debt;’ RBC Upgrades
* Bernstein Upgrades U.S. Stocks, Cuts Europe on Virus Response
* Basic-Fit Loses Only Sell as Concerns Addressed: Morgan Stanley
* European Airports’ March Traffic Seen Down by Double Digits: RBC
* Gem Diamonds ‘Poised for Rough Times,’ Cut to Neutral at Citi
* Citi Sees Network International Revenue to Recover Next Year
* Rational a Buy; Virus Effects Only ‘Bump in the Road’: Berenberg
* U.K. Fund Platform Estimates Reset, AJ Bell Cut at Berenberg