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

>>> Up
* Credito Emiliano Raised to Hold at Jefferies; PT 5.90 euros
* Hays Raised to Buy at Liberum; PT 155 pence
* Imperial Brands Raised to Buy at Goldman; PT 2,150 pence
* Mondi Raised to Buy at Berenberg; PT 2,000 pence
* Morgan Advanced PT Raised to 490 pence at Peel Hunt
* Next Fifteen Raised to Buy at Peel Hunt
* Residential Secure Income Raised to Buy at Berenberg

>>> Down
* ACS Cut to Neutral at Goldman
* EQT Rated New Overweight at Barclays; PT 315 kronor
* Hikma Cut to Neutral at JPMorgan; PT 1,900 pence
* Philips Cut to Underweight at JPMorgan; PT 21.30 euros
* Scor Cut to Add at AlphaValue/Baader
* Siemens Gamesa Cut to Hold at Deutsche Bank; PT 18.05 euros
* Snap PT Cut to $17 from $40 at Cowen

>>> Initiation
* CTS Eventim Reinstated Underperform at Exane; PT 50 euros
* Partners Group Rated New Equal-Weight at Barclays

>>> Call
* Recruiters Have Structural Opportunity, Hays Upgraded: Liberum
* Vestas Investment Case Keeps Growing Stronger, Redburn Says