>>> Europe : Brokers Upgrades & Downgrades - 19th of December 2023

>>> Up
* Duerr Raised to Neutral at BNPP Exane; PT 23 euros
* Flutter Raised to Buy at Peel Hunt
* Stora Enso Raised to Buy at DNB Markets; PT 14 euros

>>> Down
* Equinor Cut to Sector Perform at RBC; PT 350 kroner
* Lanxess Cut to Reduce at Baader Helvea; PT 26 euros
* PepsiCo Cut to Neutral at JPMorgan; PT $176
* Richemont Cut to Hold at SBG Securities; PT 133 Swiss francs
* Sartorius Stedim Biotech Cut to Add at AlphaValue/Baader
* Vaisala Cut to Reduce at Inderes; PT 40 euros
* Wacker Chemie Cut to Reduce at Baader Helvea; PT 109 euros

>>> Initiation
* 4aim Sicaf Rated New Outperform at EnVent S.p.A.; PT 410 euros
* ABB Assumed Neutral at UBS; PT 40 Swiss francs
* Ferguson Assumed Neutral at Citi; PT 15,100 pence
* Legrand Assumed Sell at UBS; PT 82 euros

>>> Call
* Citi’s Montagu Sees Profit-Taking Risks for US, Europe Stocks
* Equinor Cut at RBC on Likely ‘More Modest’ 2024 Distributions
* Flutter Upgraded to Buy at Peel Hunt on Clearer US Momentum
* Lanxess Cut at Baader Helvea, Too Early to Be Optimistic
* Wacker Chemie Downgraded at Baader Helvea, Sees Slow Recovery