>>> Europe : Brokers Upgrades & Downgrades - 19th/20th/21th of April 25 V2(+)

>>> Up
* Adidas Raised to Outperform at Baird; PT 240 euros
* Boliden Raised to Sector Perform at RBC; PT 310 kronor
* Cheffelo Raised to Buy at Bryan Garnier; PT 61 kronor (+)
* Disney Raised to Outperform at Wolfe; PT $112
* Energean Raised to Buy at Berenberg
* L'Oreal ADRs PT Raised to $95 from $80 at Argus
* Norsk Hydro Raised to Buy at Norne Securities; PT 60 kroner
* Norwegian Cruise Raised to Buy at Loop Capital; PT $25
* OVH Raised to Hold at Stifel; PT 11 euros
* Pernod Ricard Raised to Equal-Weight at Barclays; PT 97 euros
* Sainsbury PT Raised to 330 pence from 305 pence at JPMorgan
* Tate & Lyle Raised to Overweight at Barclays; PT 740 pence
* Thule Raised to Buy at ABG; PT 310 kronor

>>> Down
* Alcoa PT Cut to $35 from $39 at Morgan Stanley
* Amazon Cut to Outperform at Raymond James
* Ambarella PT Cut to $80 from $100 at Susquehanna
* Banca Mediolanum Cut to Hold at Jefferies; PT 14.90 euros
* BMW Cut to Neutral at Redburn; PT 85 euros
* Boeing PT Cut to $215 from $250 at Benchmark
* Comer Industries Cut to Hold at Equita; PT 32 euros (+)
* Datagroup Cut to Hold at Berenberg
* Equinor Cut to Underperform at RBC; PT 260 kroner
* Global Payments Cut to Hold at Jefferies; PT $75
* Kaiser Aluminum PT Cut to $74 from $100 at Benchmark
* Macy's Cut to Neutral at Goldman; PT $12
* Maersk Cut to Sell at Fearnley; PT 7,800 kroner (+)
* NOS Cut to Neutral at Grupo Santander; PT 4.30 euros (+)
* Novo Cut to Neutral at Guggenheim
* Novo PT Cut to 350 kroner from 460 kroner at Intron Health
* NXP Semi PT Cut to $195 from $225 at Susquehanna
* Orsted Cut to Underweight at Barclays; PT 239.95 kroner
* Orsted cut Underperform, DKK265 PO at BofA
* Sainsbury PT Cut to 235 pence from 240 pence at BofA (+)
* Stellantis Cut to Neutral at Redburn; PT $11.54
* Texas Instruments Cut to Underweight at Barclays; PT $125 (+)
* TSMC ADRs PT Cut to $200 from $270 at Argus
* Warner Music Cut to Equal-Weight at Morgan Stanley; PT $32

>>> Initiation
* Apple Reinstated Buy at China Renaissance; PT $241
* COSH NO Rated New Buy at Fearnley; PT 7 kroner
* Roko Rated New Hold at SEB Equities; PT 1,975 kronor
* Roko Rated New Hold at Danske Bank Markets; PT 1,960 kronor (+)
* Strategy Rated New Buy at CTBC Securities; PT $420.20
* Tenaris Rated New Outperform at BNPP Exane; PT 18.50 euros

>>> Call
* Equinor’s Free Cash Flow to Come Under Pressure, RBC Downgrades
* Orsted Cut to Underperform at BofA on US Policy Risks (+)