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

>>> Up
* Avance Gas Raised to Buy at Pareto Securities; PT 92 kroner
* Faurecia Raised to Buy at Jefferies; PT 24 euros
* NN Group Raised to Buy at HSBC; PT 45 euros
* Nvidia Raised to Buy at First Shanghai; PT $400
* Rio Tinto Raised to Overweight at Morgan Stanley; PT 5,800 pence
* Sabre Insurance Raised to Buy at Berenberg; PT 153 pence
* SGL Raised to Add at AlphaValue/Baader
* Schoeller-Bleckmann Raised to Buy at Berenberg; PT 66 euros
* Tele2 Raised to Buy at Citi; PT 115 kronor
* Telia Raised to Neutral at Citi
* Valeo Raised to Buy at Jefferies; PT 22 euros

>>> Down
* Apple Cut to Hold at First Shanghai; PT $190
* Atlantica Sustainable Cut to Sector Perform at National Bank
* Elisa Cut to Sell at Citi
* Halfords Cut to Sector Perform at RBC; PT 220 pence
* K+S Cut to Add at Baader Helvea; PT 18 euros
* Linde Cut to Underperform at Oddo BHF; PT $339
* Salmar Cut to Hold at DNB Markets; PT 565 kroner
* Suedzucker Cut to Underperform at Oddo BHF; PT 16 euros

>>> Initiation
* BBVA Reinstated Equal-Weight at Barclays; PT 8.80 euros
* CaixaBank Reinstated Overweight at Barclays; PT 5 euros
* FD Technologies Rated New Overweight at JPMorgan; PT 2,500 pence
* HydrogenOne Capital Growth Rated New Overweight at Barclays
* Oxford Instruments Rated New Hold at HSBC; PT 2,900 pence
* Sabadell Reinstated Equal-Weight at Barclays; PT 1.20 euros
* Telenor Resumed Neutral at Citi; PT 121 kroner
* Uber Rated New Strong Buy at President Capital Management

>>> Call
* CITI STRATEGISTS LIFT US EQUITIES TO NEUTRAL FROM UNDERWEIGHT
* CITI STRATEGISTS CUT CHINA OVERWEIGHT, GO UNDERWEIGHT EU STOCKS
* Faurecia Double-Upgraded, Valeo Raised to Buy at Jefferies
* Halfords Cut to Sector Perform at RBC With Stock Fairly Valued
* Ryanair Now a Top Pick at Morgan Stanley on Cash Generation
* Tele2 Top Pick in Nordic Telcos at Citi, Telia Raised, Elisa Cut