>>> Europe : Brokers Upgrades & Downgrades - 16th of December 20

>>> Up
*Amundi Raised to Reduce at AlphaValue
*Ericsson Raised to Buy at BofAML, PT SEK67
*GE Raised to Outperform at Bernstein, PT $40
*Lilly Raised to Overweight at Morgan Stanley, PT $82
*Phoenix Raised to Neutral at BofAML, PT 740p
*Scor Raised to Buy at SocGen, PT EU36

>>> Down
*Hannover Re Cut to Hold at SocGen, PT EU104
*Just Eat Cut to Neutral at BofAML
*Micro Focus Cut to Neutral at UBS, PT 2350p
*Petrofac Cut to Neutral at Macquarie, PT 800p
*Safilo Group Cut to Underperform at MedioBanca, PT EU7.20
*SES Cut to Hold at Deutsche Bank, PT EU18

>>> PT Change

>>> Initiation
*AO WORLD Rated New Equal-Weight at Morgan Stanley, PT 170p
*Carnival Rated New Neutral at Goldman
*Las Vegas Sands Rated New Buy at Goldman
*Norwegian Cruise Rated New Neutral at Goldman
*Royal Caribbean Rated New Neutral at Goldman
*Sirius Real Estate Rated New Buy at Berenberg
*Wynn Resorts Rated New Neutral at Goldman

>>> Call
>> Sector
*AMERICAS GAMING SECTOR RATED NEW ATTRACTIVE AT GOLDMAN
*AMERICAS CRUISE SECTOR RATED NEW NEUTRAL AT GOLDMAN