>>> Europe : Brokers Upgrades & Downgrades - 22nd of January 2025 V3(++)

>>> Up
* AAK Raised to Buy at ABG; PT 360 kronor
* Avanza Raised to Buy at Danske Bank Markets; PT 355 kronor (++)
* Aviva Raised to Overweight at JPMorgan; PT 615 pence
* Bachem Raised to Equal-Weight at Barclays; PT 65 Swiss francs
* Big Yellow Group Raised to Buy at Berenberg
* BMW Raised to Buy at Berenberg
* Cargotec Raised to Buy at SEB Equities; PT 57 euros
* Coloplast Raised to Buy at HSBC; PT 920 kroner
* Corticeira Amorim Raised to Buy at JB Capital Markets
* Elisa Raised to Buy at Kepler Cheuvreux (+)
* Halma Raised to Buy at Berenberg; PT 3,250 pence
* Hannover Re Raised to Buy at HSBC; PT 280 euros
* JM Raised to Hold at SEB Equities; PT 173 kronor
* LDA SM Raised to Neutral at JB Capital Markets; PT 1.10 euros
* Millicom GDRs Raised to Buy at HSBC; PT 380 kronor
* Millicom Raised to Buy at HSBC; PT $34 (+)
* Munich Re Raised to Buy at HSBC; PT 560 euros
* Netflix Raised to Hold at Benchmark (++)
* Netflix PT Raised to $1,150 from $800 at Needham (++)
* Netflix Raised to Buy at Canaccord; PT $1,150
* Netflix Raised to Equal-Weight at Barclays; PT $900
* Netflix PT Raised to $1,150 from $1,000 at TD Cowen (+)
* Netflix PT Raised to $1,150 from $1,040 at Oppenheimer (++)
* Suedzucker Raised to Hold at M.M. Warburg; PT 10.40 euros (+)
* Vestas Raised to Buy at Jefferies; PT 135 kroner
* Virbac Raised to Buy at IDMidcaps; PT 410 euros (+)

>>> Down
* Ambev ADRs Cut to Neutral at Grupo Santander; PT $3.56
* Amedeo Air Four Plus Cut to Hold at Jefferies
* America Movil ADRs Cut to Hold at HSBC; PT $15.50
* Apple Cut to Fully Valued at DBS Bank; PT $210 (+)
* Carrefour Cut to Underperform at BNPP Exane; PT 11 euros (+)
* DFDS Cut to Sell at Nordea; PT 108 kroner
* Flow Traders Cut to Neutral at Oddo BHF; PT 25 euros
* Hochschild Mining Cut to Sector Perform at RBC; PT 260 pence (+)
* JD Sports Cut to Neutral at Citi; PT 95 pence
* Mercedes Cut to Hold at Berenberg
* Porsche SE Cut to Hold at Berenberg
* Schaeffler Cut to Hold at Deutsche Bank; PT 4.50 euros
* STMicro Cut to Underweight at Barclays; PT 20 euros
* Swiss Re Cut to Hold at HSBC; PT 140 Swiss francs

>>> Initiation
* Alfa Financial Rated New Buy at Shore Capital; PT 270 pence
* Bilia Reinstated Buy at Pareto Securities; PT 150 kronor
* Dassault Systemes Rated New Outperform at Grupo Santander
* Geberit Rated New Underweight at JPMorgan; PT 450 Swiss francs
* Kaufman & Broad Rated New Buy at Kepler Cheuvreux (+)
* Lindab Rated New Hold at SEB Equities; PT 200 kronor
* Nexity Reinstated Hold at Kepler Cheuvreux; PT 12.90 euros (++)
* PolyPeptide Group Rated New Overweight at Barclays
* Sunrise Communications Rated New Buy at Redburn
* Transense Technologies Rated New Corporate at Cavendish (+)

>>> Call
* Alm Brand Jumps on Guidance Update; DNB Sees Strong End to 2024 (++)
* Aviva Raised to Overweight at JPMorgan on Direct Line Deal (+)
* Bachem Raised to Equal-Weight at Barclays on Valuation Pullback (+)
* Carrefour Slips as BNPP Exane Cuts on Market Conditions (++)
* Delivery Hero Slides as BofA Reinstates Rating as Underperform
* Deutsche Bank Gets Street-High Target at Kepler Cheuvreux (++)
* Geberit Rated Underweight at JPMorgan, Earnings Risk Not Priced
* Morgan Stanley Starts Operations of Futures Company in China (+)
* Porsche Falls as 2025 Volumes, Costs Disappoint: Street Wrap (++)
* Schaeffler Sinks as Deutsche Bank Downgrades on Profit Warning (++)
* STMicro Cut to Underweight at Barclays on Downside Risk, China (++)
* Wetherspoons Shares Swing Lower; Jefferies Notes Slight Slowdown (++)