>>> Europe : Brokers Upgrades & Downgrades - 27th of January 2025 V3(++)

>>> Up
* 2020 Bulkers Raised to Hold at DNB Markets; PT 127 kroner (++)
* Alleima Raised to Buy at SEB Equities; PT 105 kronor
* Alleima Raised to Buy at Danske Bank Markets; PT 100 kronor (++)
* BAT Raised to Buy at UBS (+)
* Bonheur Raised to Buy at Clarksons; PT 290 kroner
* Boreo Raised to Accumulate at Inderes; PT 11.50 euros
* Elkem Raised to Buy at DNB Markets; PT 30 kroner
* Givaudan Raised to Overweight at JPMorgan; PT 4,400 Swiss francs
* Interroll Raised to Hold at Kepler Cheuvreux (+)
* Interpublic Raised to Overweight at JPMorgan; PT $39
* JM Raised to Hold at Kepler Cheuvreux; PT 185 kronor (++)
* Legal & General Raised to Buy at HSBC; PT 265 pence
* LVMH Raised to Overweight at Morgan Stanley; PT 820 euros
* Nemetschek Raised to Buy at Goldman; PT 135 euros
* Nexans Raised to Neutral at BofA (+)
* Norconsult Norge Cut to Hold at DNB Markets; PT 48 kroner (++)
* Pandora Raised to Buy at Jefferies; PT 1,550 kroner
* Scatec Raised to Buy at DNB Markets; PT 86 kroner (++)
* SGS Raised to Buy at Bank Vontobel; PT 99 Swiss francs (+)
* Siemens Energy Raised to Buy at BofA (+)
* Snam Raised to Outperform at Grupo Santander; PT 5.40 euros
* SocGen Raised to Overweight at Barclays; PT 41 euros

>>> Down
* Burberry Cut to Sell at CIC (+)
* Direct Line Cut to Neutral at UBS (+)
* Edenred Cut to Equal-Weight at Barclays; PT 36 euros
* Ericsson Cut to Hold at DNB Markets; PT 93 kronor (++)
* Generali Cut to Hold at HSBC; PT 30.50 euros
* Gjensidige Cut to Hold at Norne Securities; PT 240 kroner
* Grifols Target Cut at Santander, Barclays Ahead of Earnings (++)
* Hexagon Purus Cut to Sell at DNB Markets; PT 2.90 kroner (++)
* Hugo Boss Cut to Hold at Jefferies; PT 45 euros
* JD Sports Cut to Neutral at BNPP Exane (+)
* Koenig & Bauer Cut to Hold at Hauck & Aufhaeuser; PT 16.90 euros (+)
* Legrand Cut to Underperform at Jefferies; PT 86 euros
* Medicover Cut to Market Perform at Handelsbanken; PT 250 kronor (++)
* Metso Cut to Accumulate at OP Corporate Bank; PT 11 euros (++)
* Monte Paschi Cut to Hold at Deutsche Bank; PT 7.50 euros (++)
* National Bank of Greece Cut to Hold at HSBC; PT 9.90 euros
* Norsk Hydro Cut to Sell at SEB Equities; PT 62 kroner
* Uniqa Cut to Sell at UBS (+)
* Var Energi Cut to Neutral at SpareBank; PT 40 kroner
* Vinpai SAS Cut to Neutral at Invest Securities SA; PT 4.50 euros (+)

>>> Initiation
* Interroll Rated New Hold at Octavian; PT 1,940 Swiss francs
* Next Reinstated Neutral at BofA; PT 9,600 pence (++)
* Rotork Rated New Buy at Kepler Cheuvreux; PT 390 pence (++)
* Smart Capital Rated New Buy at Intesa Sanpaolo; PT 1.80 euros (+)
* Soluciones Cuatroochenta Rated New Buy at JB Capital Markets
* Verve Group Rated New Overweight at Cantor; PT 6.30 euros (++)

>>> Call
* Alcon Price Target Trimmed as Needham Flags Conference Comments
* BAT Rises on Upgrade; US Menthol Ban Withdrawal Lifts Imperial (++)
* Expect Tariff Escalations With Equities at Highs: Deutsche Bank (+)
* GE Vernova Cut as Guggenheim Says ‘Easy Money Has Been Made’ (1)
* LVMH Upgraded at Morgan Stanley After Prospects Improve
* Favor Industries With Strong EPS Revisions, Morgan Stanley Says (+)
* SocGen Raised to Overweight at Barclays, Target Boosted 37% (+)
* Stabilus Rises on Better-Than-Expected Profitability: Oddo BHF (++)
* UK Retail Mood Is Significantly More Cautious, BNPP Exane Says (++)