>>> Europe : Brokers Upgrades & Downgrades - 20th of October 2023

>>> Up
* Alma Media Raised to Buy at SEB Equities; PT 10.60 euros
* America Movil ADRs Raised to Buy at HSBC; PT $21.50
* BBVA Raised to Overweight at Barclay<Cell 38, 0>s
* Elisa Raised to Accumulate at Inderes; PT 47 euros
* Kainos Raised to Buy at Panmure Gordon; PT 1,450 pence

>>> Down
* Alcoa Cut to Strong Sell at CFRA
* eQ Cut to Reduce at Inderes; PT 16.50 euros
* Exel Composites Cut to Sell at Inderes; PT 2.50 euros
* Holcim AG Cut to Hold at Octavian; PT 85 Swiss francs
* HSBC Cut to Market Perform at KBW; PT 725 pence
* KBC Cut to Hold at Deutsche Bank; PT 70 euros
* Millicom GDRs Cut to Hold at HSBC; PT 185 kronor
* Millicom Cut to Hold at HSBC; PT $17
* Nokia Cut to Reduce at Inderes; PT 3.20 euros
* SIG Cut to Reduce at Numis; PT 27 pence
* Telefonica Cut to Reduce at HSBC; PT 3.30 euros

>>> Initiation
* ARM Holdings PLC ADRs Rated New Hold at SocGen; PT $58
* Lenzing Reinstated Hold at Deutsche Bank; PT 45 euros
* Sunrun Rated New Outperform at BNPP Exane; PT $20

>>> Call