>>> Europe : Brokers Upgrades & Downgrades - 25th of January 2022

>>> Up
* BAE PT Raised to 736 pence from 670 pence at Citi
* Brown-Forman Raised to Buy at Berenberg
* Encavis Raised to Buy at Stifel; PT 20.80 euros
* Genmab Raised to Buy at DNB Markets; PT 2,950 kroner
* Interparfums Raised to Buy at Bryan Garnier; PT 74 euros
* Know IT Raised to Buy at Pareto Securities; PT 383 kronor
* Publicis Raised to Outperform at Oddo BHF; PT 70.50 euros
* SANOFI RAISED TO BUY VS HOLD AT LIBERUM, PT EU109
* Stora Enso Raised to Outperform at Exane; PT 19 euros
* Uniper Raised to Sector Perform at RBC; PT 40 euros

>>> Down
* Boohoo Cut to Sector Perform at RBC; PT 150 pence
* Hyve Group Cut to Hold at Peel Hunt; PT 140 pence
* National Grid Cut to Sector Perform at RBC; PT 1,100 pence
* Novartis Cut to Hold at Liberum; PT 87 Swiss francs
* Novo Nordisk Cut to Sell at Liberum; PT 570 kroner
* Orsted Cut to Sector Perform at RBC; PT 800 kroner
* REN Cut to Hold at SocGen; PT 2.50 euros
* WPP Cut to Neutral at Oddo BHF; PT 1,240 pence

>>> Initiation
* Auto Trader Rated New Neutral at Davy
* Purplebricks Rated New Neutral at Davy
* Rightmove Rated New Outperform at Davy

>>> Call
* Logitech Guidance Raise Impressive Considering Disruptions: Citi
* Sanofi New Top Pharma Pick; Novartis, Novo Nordisk Cut: Liberum