>>> Europe : Brokers Upgrades & Downgrades - 17th of May 2024

>>> Up
* Ceconomy Raised to Hold at HSBC; PT 2.50 euros
* Fractal Gaming Group Raised to Buy at ABG; PT 50 kronor
* H&M Raised to Outperform at RBC; PT 200 kronor
* Heidelberger Druck Raised to Buy at Stifel; PT 1.30 euros
* JD.com ADRs Raised to Buy at BOCOM Intl; PT $40
* Rockwool Raised to Buy at ABG; PT 3,100 kroner
* Sodexo Raised to Overweight at Morgan Stanley; PT 96 euros
* Swiss Re Raised to Buy at DZ Bank; PT 122 Swiss francs
* TCM Group Raised to Buy at SEB Equities; PT 67 kroner

>>> Down
* Auto Trader Cut to Underweight at Morgan Stanley; PT 600 pence
* Inditex Cut to Sector Perform at RBC; PT 47 euros
* Lanxess Cut to Underperform at BNPP Exane; PT 22 euros
* NIBE Industrier Cut to Neutral at Citi; PT 62 kronor
* OMV Cut to Hold at Berenberg; PT 49 euros
* Under Armour Cut to Underweight at JPMorgan; PT $6

>>> Initiation
* DHL Group Rated New Neutral at Oddo BHF; PT 43 euros
* Mensch und Maschine Reinstated Buy at DZ Bank; PT 67 euros
* Sartorius Reinstated Equal-Weight at Morgan Stanley
* Spie Rated New Overweight at Morgan Stanley; PT 44 euros

>>> Call
* Airlines’ Supply-Chain Pain Means Fares Can Only Go Up, ING Says