>>> Europe : Brokers Upgrades & Downgrades - 22nd of January 2020 V2(+)

>>> Up
* Experian Raised to Overweight at Morgan Stanley; PT 2,950 pence
* Lindt & Spruengli Raised to Buy at Berenberg
* Pierre & Vacances Raised to Buy at Gilbert Dupont; PT 25 euros
* Pierre & Vacances Raised to Buy at Portzamparc (+)

>>> Down
* Avanza Cut to Sell at SEB Equities; PT 97 kronor
* Elkem Cut to Hold at SEB Equities; PT 27 kroner
* Forterra Cut to Neutral at Exane; PT 390 pence
* Glanbia Cut to Hold at Berenberg; PT 11.70 euros
* Hays Cut to Hold at Liberum
* Ibstock Cut to Neutral at Exane; PT 332 pence
* LafargeHolcim Cut to Underperform at Exane
* Lassila & Tikanoja Oyj Cut to Hold at SEB Equities (+)
* LeadDesk Cut to Reduce at Inderes; PT 13.10 euros (+)
* Logitech Cut to Hold at MainFirst; PT 45 Swiss francs
* Lundin Petroleum Cut to Reduce at HSBC; PT 290 kronor
* M&G Cut to Equal-Weight at Barclays; PT 256 pence
* MTU Aero Cut to Hold at LBBW; PT 296 euros
* MIPS AB Cut to Hold at ABG; PT 210 kronor
* Moncler Cut to Hold at China Renaissance; PT 40 euros
* Rio Tinto Cut to Market Perform at BMO; PT 4,650 pence
* Saipem Cut to Underperform at BofA; PT 3.50 euros (+)
* Sanofi Cut to Hold at Liberum
* Sinch Cut to Hold at Handelsbanken; PT 350 kronor
* Symrise Cut to Hold at MainFirst; PT 88 euros
* UBM Dev Cut to Accumulate at Erste Group; PT 56 euros
* Unilever Cut to Hold at Berenberg; PT 55 euros
* Varta Cut to Reduce at Commerzbank; PT 82 euros
* Wacker Neuson Cut to Hold at Commerzbank; PT 15 euros (+)

>>> Initiation
* Aeroports de Paris Rated New Buy at Deutsche Bank; PT 205 euros
* Deutsche Wohnen Rated New Outperform at RBC; PT 43 euros
* K+S Reinstated Underperform at BofA; PT 4.20 euros (+)
* Kesko Oyj Rated New Sell at ABG; PT 55 euros
* Vonovia Rated New Sector Perform at RBC; PT 52 euros
* Yara Reinstated Buy at BofA; PT 430 kroner (+)

>>> Call
* Aeroports de Paris Is ‘Fundamentally Attractive,’ New Buy at DB (+)
* Buy Lindt’s Stock to ‘Sleep Safe,’ Says Berenberg; Unilever Cut
* Commerzbank Downgrades Varta as Single Supplier Position at End
* Sage Group Shares to React Positively to Reassuring Update: Citi