>>> Up
* Air Products Raised to Overweight at JPMorgan; PT $275
* BAE Raised to Neutral at Exane; PT 747 pence
* Banco Santander Raised to Buy at Jefferies; PT 3.80 euros
* Bechtle Raised to Buy at Bankhaus Metzler; PT 58 euros (+)
* Eni Raised to Buy at HSBC; PT 14.90 euros
* EssilorLuxottica Raised to Buy at HSBC; PT 210 euros
* Knorr-Bremse Raised to Overweight at JPMorgan; PT 90 euros
* Merlin Properties Raised to Outperform at Exane; PT 12 euros
* National Bank of Greece Raised to Buy at Citi; PT 4.20 euros
* Nordisk Bergteknik Raised to Buy at Nordea; PT 44 kronor (+)
* Sabadell Raised to Buy at Jefferies; PT 90 euro cents
* Workspace Raised to Hold at Peel Hunt
>>> Down
* Aroundtown Cut to Neutral at Exane; PT 5 euros
* Balfour Beatty Cut to Underweight at Morgan Stanley
* CaixaBank Cut to Hold at Jefferies; PT 3.50 euros
* Carmila Cut to Neutral at Exane; PT 13.90 euros
* Covivio Cut to Neutral at Exane; PT 72 euros
* Derwent London Cut to Neutral at Exane; PT 3,250 pence
* Ferrovial Cut to Sell at Alantra Equities; PT 25.62 euros (+)
* Fortune Brands Cut to Hold at Jefferies; PT $95
* H&M Cut to Neutral at JPMorgan; PT 180 kronor
* Klepierre Cut to Underperform at Exane; PT 20 euros
* LEG Immobilien Cut to Neutral at Exane; PT 110 euros
* Segro Cut to Neutral at Exane; PT 1,140 pence
* Topdanmark Cut to Sell at SEB Equities; PT 386 kroner
* TotalEnergies Cut to Hold at HSBC; PT 51.40 euros
* TotalEnergies Cut to Neutral at Grupo Santander; PT 50.90 euros (+)
* Vetropack Cut to Add at Baader Helvea; PT 50 Swiss francs (+)
* Wacker Chemie Cut to Hold at M.M. Warburg; PT 169 euros (+)
>>> Initiation
* Evolution Resumed Buy at Nordea; PT 1,658 kronor (+)
* Funding Circle Rated New Buy at Berenberg; PT 120 pence
* Holcim Resumed Buy at Citi; PT 64 Swiss francs
* Idorsia Rated New Sell at Kempen & Co; PT 13 Swiss francs
* Otovo Rated New Buy at SEB Equities; PT 37 kroner
* S&U Rated New Hold at Berenberg; PT 2,660 pence
* Secure Rated New Buy at Berenberg; PT 1,820 pence
* St James's Place Rated New Buy at Jefferies; PT 1,740 pence
>>> Call
* JPM Strategists Overweight U.K. and Cyclicals on China Recovery (+)
* EssilorLuxottica Synergies Prompt HSBC Upgrade, Street-High PT (+)
* Exane Sees Defense Opportunities; Thales Top Pick, BAE Upgraded (+)
* Exane Cuts Seven Landlord Stocks on Inflation, Economic Slowdown (+)
* Casino PT Trimmed at JPMorgan on Higher Leverage, French Outlook
* H&M Downgraded at JPMorgan; Margin Outlook Seems ‘Ambitious’ (+)
* Hargreaves Cut at Jefferies as Young Clients Less Profitable (+)
* Holcim Resumed at Citi; Well Positioned to Lead Roofing Market (+)
* Idorsia Gets Only Sell as Kempen Takes Cautious View on Launches (+)
* Morgan Stanley Raises U.S. Utilities to Overweight on Late Cycle (+)
* Sabadell, Santander Raised at Jefferies, CaixaBank Downgraded