>>> Europe : Brokers Upgrades & Downgrades - 1st of June 2023

>>> Up
* Aramis Raised to Neutral at BNPP Exane; PT 5 euros
* Chevron Raised to Outperform at RBC; PT $180
* ConvaTec Raised to Overweight at Morgan Stanley; PT 250 pence
* Drax PT Raised to 1,200 pence from 1,050 pence at RBC
* F-Secure Raised to Accumulate at Inderes; PT 3.20 euros
* Heidelberg Materials AG Raised to Overweight at JPMorgan
* Lapwall Raised to Buy at Inderes; PT 4 euros
* Mediobanca Raised to Buy at Jefferies; PT 12.40 euros
* Neste Raised to Buy at UBS; PT 46 euros
* Wolters Kluwer Raised to Outperform at BNPP Exane; PT 125 euros

>>> Down
* Aryzta Cut to Add at Baader Helvea; PT 1.70 Swiss francs
* C3.ai Cut to Neutral at DA Davidson; PT $30
* Cheniere Energy Partners LP Cut to Underperform at Wolfe; PT $43
* Coloplast Cut to Equal-Weight at Morgan Stanley; PT 950 kroner
* Exxon Cut to Sector Perform at RBC; PT $125
* Fortum Cut to Neutral at JPMorgan; PT 13.50 euros
* Johnson Controls Cut to Equal-Weight at Barclays; PT $70


>>> Initiation
* Cloudberry Clean Energy Rated New Buy at DNB Markets
* Elisa Re-Initiated Buy at Berenberg; PT 59 euros
* Tele2 Re-Initiated Hold at Berenberg; PT 104 kronor
* Telia Re-Initiated Buy at Berenberg; PT 29 kronor

>>> Call
* Elisa, Telia Favored by Berenberg in Nordic Telcos, Tele2 Hold
* MS Now Prefers ConvaTec Over Coloplast in Chronic Care Sector
* Mediobanca Raised as ‘All-Weather’ Italian Bank Play: Jefferies