>>> Europe : Brokers Upgrades & Downgrades - 25th of March 2022 V2(+)

>>> Up
* Adidas Raised to Outperform at Baird; PT 280 euros (+)
* British Land Raised to Hold at Jefferies; PT 455 pence
* CompuGroup Raised to Equal-Weight at Morgan Stanley; PT 59 euros
* Drax Raised to Overweight at Morgan Stanley; PT 930 pence
* Farfetch Raised to Buy at SocGen; PT $22 (+)
* Gecina Raised to Buy at SocGen; PT 134 euros (+)
* Hemnet Raised to Buy at Nordea; PT 175 kronor
* Indra Raised to Equal-Weight at Morgan Stanley; PT 11 euros
* Mikron Raised to Buy at Stifel; PT 10.70 Swiss francs (+)
* Next Raised to Buy at SocGen; PT 7,331 pence
* Schindler Raised to Buy at Goldman; PT 234 Swiss francs (+)
* Software AG Raised to Equal-Weight at Morgan Stanley
* Teva ADRs Raised to Outperform at Bernstein; PT $11

>>> Down
* 1&1 Cut to Hold at Hauck & Aufhaeuser; PT 21 euros (+)
* ASML Cut to Sell at Redburn (+)
* ASMI Cut to Neutral at Redburn (+)
* Autoliv GDRs Cut to Neutral at Oddo BHF; PT 830 kronor
* B&M European Cut to Neutral at Credit Suisse; PT 600 pence (+)
* Bunzl Cut to Hold at HSBC; PT 3,050 pence
* Dassault Aviation Cut to Neutral at Goldman; PT 136 euros (+)
* Francaise Energie Cut to Neutral at Oddo BHF; PT 50 euros (+)
* Ina Invest Holding Cut to Add at Baader Helvea
* Legrand Cut to Neutral at Goldman; PT 92 euros (+)
* Ovh Groupe SAS Cut to Underweight at Morgan Stanley; PT 20 euros
* Restaurant Group Cut to Underweight at Barclays; PT 70 pence
* Sodexo Cut to Neutral at Bryan Garnier; PT 95 euros (+)
* Telenor Cut to Sell at Goldman; PT 120 kroner
* VAT Cut to Neutral at Redburn (+)
* VIB Vermoegen Cut to Hold at Berenberg; PT 56 euros
* Wartsila Cut to Sell at Goldman; PT 7.70 euros (+)
* Zur Rose Cut to Neutral at Citi (+)

>>> Initiation
* Argo Blockchain ADRs Rated New Hold at Stifel Canada; PT $11
* BillerudKorsnas Re-Initiated Buy at Handelsbanken
* Deliveroo Rated New Hold at HSBC; PT 140 pence
* Duerr Rated New Underperform at Exane; PT 29 euros
* Indivior Rated New Equal-Weight at Morgan Stanley; PT 330 pence
* Knorr-Bremse Rated New Outperform at Exane; PT 83 euros
* Norma Reinstated Outperform at Exane; PT 39 euros
* PhotoCure Rated New Buy at Handelsbanken
* Versarien Rated New Buy at Berenberg; PT 35 pence

>>> Call
* ASML, ASMI and VAT Cut at Redburn as Semi Capex Moderates (+)
* British Land Raised on Warehouse, Logistics Potential: Jefferies (+)
* Morgan Stanley Flags EV Demand Destruction as Lithium Soars
* Software AG, Indra and CompuGroup All Raised at Morgan Stanley (+)