>>> Europe : Brokers Upgrades & Downgrades - 18th of February 2021

>>> Up
* Aviva Raised on Buyback Potential, Risks Skewed to Upside: Citi
* Beiersdorf Raised to Buy at LBBW; PT 98 euros
* Credit Agricole Raised to Add at AlphaValue
* Dermapharm PT Raised to 72 euros from 53 euros at Berenberg
* Derwent London Raised to Buy at Liberum
* Infineon PT Raised to 45 euros from 17 euros at Berenberg
* Klovern Raised to Buy at SEB Equities; PT 15 kronor
* NRC Raised to Hold at DNB Markets; PT 16 kroner
* Sage PT Raised to 830 pence from 780 pence at Jefferies
* SSP Raised to Overweight at Morgan Stanley; PT 350 pence
* STMicroelectronics Raised to Hold at Berenberg; PT 39 euros

>>> Down
* K+S Cut to Hold at Commerzbank; PT 10 euros
* Lancashire Cut to Add at Numis
* Stora Enso Cut to Neutral at Citi; PT 17.10 euros
* Subsea 7 Cut to Hold at Jefferies; PT 90 kroner
* Telia Cut to Underweight at JPMorgan; PT 33 kronor

>>> Initiation
* Genel Rated New Hold at Renaissance Capital; PT 170 pence
* Gulf Keystone Petroleum Reinstated Buy at Renaissance Capital
* DNO Rated New Hold at Renaissance Capital; PT 8 kroner

>>> Call
* Airbus 4Q Beat Across the Board, Guidance Looks Light: Bernstein
* Auto Chip Shortage Positive for Infineon, STMicro: Berenberg
* Liberum Sees 2021 Gains in U.K. Property Stocks; Derwent Raised
* Subsea 7, Saipem 4Q’s to Disappoint on Limited Awards: Jefferies
* Temenos 2021 Guidance ‘Reassuring,’ Focus Now on Mid Term: Citi