>>> Europe : Brokers Upgrades & Downgrades - 26th of January 2023

>>> Up
* BAE Raised to Buy at SocGen
* Lonza Raised to Overweight at KeyBanc; PT 650 Swiss francs
* Thales Raised to Buy at SocGen; PT 141 euros

>>> Down
* Arjo Cut to Sell at Pareto Securities; PT 35 kronor
* Axfood Cut to Hold at Nordea
* Boohoo Cut to Underperform at RBC; PT 35 pence
* Grolleau Cut to Hold at Stifel; PT 7.30 euros
* Lonza PT Cut to 500 Swiss francs at Intron Health
* Netcompany PT Cut to 260 kroner from 325 kroner at Citi
* Nibe Cut to Sell at Pareto Securities; PT 105 kronor
* Novartis Cut to Neutral at Citi After Revamp, Drug Headwinds
* Prodways Cut to Neutral at Oddo BHF; PT 3.40 euros

>>> Initiation
* Advanced Medical New Buy at Berenberg on Strong Growth Outlook
* Alstom Reinstated Outperform at Oddo BHF; PT 31.80 euros

>>> Call
* Daetwyler Falls as Berenberg Sees Short-Term Headwinds Ahead
* Lloyd’s Insurers Entering ‘Golden Era,’ Hiscox Raised: JPMorgan
* Netcompany Cut at MS, PT to Street-Low at Citi on Margins
* Ocado, Boohoo Both Cut at RBC on Cautious Internet Stocks View
* Saipem Top Oil Services Pick at JPMorgan, Subsea 7 Downgraded
* Soitec 3Q Sales In-line With Inventories a Concern: Berenberg
* Vonovia, LEG, TAG Property Headaches Might Have Only Just Begun