>>> Europe : Brokers Upgrades & Downgrades - 23rd of February 2021 V2(+)

>>> Up
* Adidas Raised to Neutral at Credit Suisse; PT 295 euros
* Credit Suisse ADRs Raised to Overweight at Barclays; PT $14
* Deutsche Bank Raised to Equal-Weight at Barclays; PT $9.50
* Dometic Raised to Buy at Handelsbanken; PT 135 kronor (+)
* Infineon Raised to Outperform at Oddo BHF; PT 44 euros (+)
* Kuehne + Nagel Raised to Outperform at Bernstein
* Lonza Raised to Overweight at JPMorgan; PT 680 Swiss francs
* MBB SE Cut to Hold at Commerzbank; PT 155 euros
* Metall Zug Raised to Buy at Stifel; PT 2,100 Swiss francs
* MTU Aero Cut to Hold at Berenberg; PT 205 euros (+)
* NatWest Raised to Neutral at Exane; PT 190 pence
* NatWest Raised to Reduce at AlphaValue
* Royal Unibrew Raised to Hold at Handelsbanken; PT 675 kroner (+)
* Salzgitter Raised to Buy at Baader Helvea; PT 35 euros
* Sanne Group Raised to Buy at HSBC; PT 685 pence
* Volue Raised to Buy at Arctic Securities; PT 80 kroner

>>> Down
* Heineken Cut to Underperform at RBC; PT 75 euros
* Sioen Cut to Hold at ING; PT 27 euros
* Tele2 Cut to Equal-Weight at Morgan Stanley; PT 125 kronor
* V-Zug Holding Cut to Hold at Stifel; PT 95 Swiss francs

>>> Initiation
* Energean PLC Resumed Overweight at Morgan Stanley
* Energean PLC Reinstated Buy at Panmure Gordon; PT 1,102 pence
* Gateley Rated New Add at Peel Hunt; PT 190 pence
* ITM Power Rated New Outperform at Davy
* Nostrum Oil & Gas Reinstated Sell at Panmure Gordon; PT 1 penny
* Proximar Seafood Rated New Buy at Pareto Securities (+)
* Smurfit Kappa Rated New Overweight at JPMorgan; PT 47.95 euros
* Varta Rated New Hold at SRH AlsterResearch; PT 130 euros
* Volution Rated New Buy at Shore Capital; PT 395 pence (+)

>>> Call
* Covestro Outlook for Fiscal 2021 ‘Conservative,’ Berenberg Says
* Credit Suisse and Deutsche Bank Raised at Barclays on SPAC Boost
* HeidelbergCement Finishes Year Strongly, Outlook Positive: Citi (+)
* Heineken’s Outlook Is Realistic, Not Conservative, RBC Says
* NatWest’s Earnings Downgrade Risk Has Fallen, Deutsche Bank Says (+)
* Salzgitter Raised to Buy at Baader on Demand Momentum, Margins
* Tele2 Valuation Tougher to Justify, Cut at Morgan Stanley