>>> Europe : Brokers Upgrades & Downgrades - 22nd of November 20

>>> Up
* Genmab Raised to Add at AlphaValue/Baader
* Hugo Boss Raised to Buy at Deutsche Bank; PT 67 euros
* Telecom Italia Raised to Buy at HSBC
* Vallourec Raised to Buy at Kepler Cheuvreux; PT 11 euros
* Verbund Raised to Buy at Kepler Cheuvreux; PT 95 euros

>>> Down
* Celanese Cut to Sector Weight at KeyBanc
* Farfetch Cut to Hold at China Renaissance; PT $46
* Geberit Cut to Reduce at Kepler Cheuvreux; PT 645 Swiss francs
* Hochschild Mining Cut to Market Perform at BMO
* L'Oreal Cut to Equal-Weight at Morgan Stanley; PT 435 euros
* Oncopeptides Cut to Sell at ABG; PT 7 kronor
* XXL Cut to Hold at Arctic Securities; PT 16 kroner

>>> Initiation
* Fluoguide Rated New Buy at ABG; PT 132 kronor
* Globalfoundries Rated New Equal-Weight at Morgan Stanley; PT $67
* Globalfoundries Rated New Overweight at JPMorgan; PT $80
* Tortilla Mexican Grill Rated New Buy at Liberum; PT 222 pence

>>> Call
* Hugo Boss Upgraded at Deutsche Bank, More Positive Under New CEO
* L’Oreal Cut as Morgan Stanley Takes ‘Breather’ on Outperformance
* Scandic Hotels Rating, Estimates Raised at Berenberg After 3Q