>>> Europe : Brokers Upgrades & Downgrades - 15th of January 2024

>>> Up
* Adyen Raised to Buy at HSBC; PT 1,400 euros
* Capgemini Raised to Buy at HSBC; PT 225 euros
* CompuGroup Raised to Equal-Weight at Morgan Stanley; PT 39 euros
* CompuGroup Raised to Buy at Berenberg
* Continental Raised to Overweight at JPMorgan; PT 100 euros
* Eurobank Raised to Overweight at Morgan Stanley; PT 2.33 euros
* Hammerson Raised to Add at Peel Hunt; PT 32 pence
* Holmen Raised to Buy at ABG; PT 450 kronor
* ITM Power Raised to Buy at Panmure Gordon; PT 90 pence
* Kjell Group Raised to Buy at Nordea; PT 40 kronor
* Kone Raised to Hold at Nordea
* Kruk Raised to Buy at Biuro Maklerskie mBanku; PT 532.36 zloty
* TietoEVRY Raised to Overweight at Morgan Stanley; PT 27.50 euros

>>> Down
* ABB Cut to Sector Perform at RBC; PT 38 Swiss francs
* Alfa Laval Cut to Sector Perform at RBC; PT 420 kronor
* Alleima Cut to Hold at SEB Equities; PT 80 kronor
* Atos Cut to Reduce at HSBC; PT 4 euros
* Burberry Cut to Neutral at Goldman; PT 1,663 pence
* Dassault Aviation Cut to Hold at Deutsche Bank; PT 199 euros
* Hill & Smith Cut to Add at Investec; PT 1,940 pence
* Munters Cut to Hold at ABG; PT 170 kronor
* Nexus Cut to Hold From Buy by Berenberg
* Sage Cut to Hold at Peel Hunt; PT 1,187 pence
* Sandvik Cut to Hold at ABG; PT 225 kronor
* Schneider Electric Cut to Underperform at RBC; PT 165 euros
* Sinch Cut to Underweight at Morgan Stanley; PT 26 kronor
* Trelleborg Cut to Hold at ABG; PT 325 kronor
* VAT Cut to Underperform at RBC; PT 280 Swiss francs
* Wacker Chemie Cut to Hold at HSBC; PT 105 euros
* Worldline Cut to Hold at HSBC; PT 16 euros

>>> Initiation
* Ericsson Rated New Underperform at BNPP Exane; PT 60 kronor
* Nokia Rated New Neutral at BNPP Exane; PT 3.40 euros
* Nokia ADRs Rated New Neutral at BNPP Exane; PT $3.70
* Telefonica Reinstated Neutral at JB Capital Markets; PT 4 euros

>>> Call
* BofA Suggests Stock Picking Utilities; Cuts Fortum, Lifts Endesa
* Goldman’s Kostin Says Buy Small Caps, Consumer Staples Stocks
* New Bull Case for Stocks in Soon-to-Fall Cash Yields, BofA Says