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

>>> Up
* Acerinox Raised to Overweight at Morgan Stanley; PT 12.80 euros
* American States Water Raised to Equal-Weight at Wells Fargo
* Barclays Raised to Outperform at RBC; PT 230 pence
* Crest Nicholson Raised to Buy at Berenberg; PT 310 pence
* Euronav Raised to Buy at Deutsche Bank; PT $20
* Molson Coors PT Raised to $74 from $68 at Jefferies
* Outokumpu Raised to Overweight at Morgan Stanley; PT 7.80 euros
* Pearson Raised to Overweight at Morgan Stanley; PT 920 pence
* Redrow Raised to Buy at Berenberg; PT 643 pence
* SpareBank 1 Nord Norge Raised to Buy at ABG; PT 106 kroner
* WDP Raised to Sector Perform at RBC; PT 27 euros

>>> Down
* Aperam Cut to Equal-Weight at Morgan Stanley; PT 42 euros
* Coloplast Cut to Hold at ABG; PT 900 kroner
* Derwent London Cut to Neutral at Goldman; PT 2,380 pence
* Diageo ADRs Cut to Hold at Jefferies; PT $190
* Diageo Cut to Hold at Jefferies; PT 3,800 pence
* Great Portland Cut to Neutral at Goldman; PT 520 pence
* Salmar Cut to Hold at Nordea
* SOITEC Cut to Underweight at JPMorgan; PT 100 euros

>>> Initiation
* Geberit Rated New Sell at Citi; PT 420 Swiss francs
* MSCI Rated New Hold at Baptista Research; PT $510

>>> Call
* Barclays Upgraded at RBC on Unsung Structural Hedge Benefits
* Berenberg More Positive on UK Homebuilders; Redrow, Crest Raised
* Citi Sees A Race to Raise Cash as Debt Ceiling Nears: ECM Watch
* Diageo Cut to Hold at Jefferies as US Growth Rate Normalizes
* Geberit Initiated With Sell Rating by Citi on Multiple Headwinds
* Metro Sales Better Than Expected, Earnings a Beat, Baader Says
* Outokumpu, Acerinox Raised at Morgan Stanley, Aperam Downgraded
* Pearson Raised at Morgan Stanley on Overlooked AI Opportunities