>>> Europe : Brokers Upgrades & Downgrades - 27th of July 2020

>>> Up
* Aroundtown Raised to Buy at Deutsche Bank; PT 7 euros
* Covestro Raised to Hold at MainFirst; PT 35 euros
* Daimler Raised to Buy at Deutsche Bank; PT 50 euros
* Ebro Foods Raised to Outperform at BBVA; PT 23.30 euros
* Indivior Raised to Buy at Citi; PT 165 pence
* Indivior Raised to Buy at Jefferies; PT 200 pence
* Kingfisher PT Raised to 325 pence from 275 pence at RBC
* Lonza PT Raised to 620 Swiss francs at Intron Health
* National Grid Raised to Buy at Jefferies; PT 1,060 pence
* Sonova Raised to Equal-Weight at Morgan Stanley

>>> Down
* Getlink SE Cut to Hold at HSBC; PT 14.30 euros
* Kinnevik Cut to Hold at SEB Equities; PT 295 kronor
* Sage Cut to Underweight at JPMorgan; PT 600 pence
* Sika Cut to Hold at HSBC; PT 217 Swiss francs
* TietoEVRY Cut to Hold at SEB Equities; PT 28 euros

>>> Initiation
* Epiroc Rated New Buy at Liberum; PT 170 kronor
* GVS Rated New Neutral at Goldman; PT 10.20 euros
* GVS Rated New Neutral at Mediobanca SpA; PT 11.70 euros
* Idorsia Rated New Equal-Weight at Morgan Stanley
* Oxford Biomedica Rated New Outperform at RBC; PT 1,000 pence
* Serco Rated New Buy at Berenberg; PT 195 pence
* Schaltbau Rated New Buy at Commerzbank; PT 33 euros
* Swedish Match Rated New Buy at SocGen; PT 800 kronor
* Zurich Airport Rated New Buy at Deutsche Bank

>>> Call
* Indivior Up to Buy at Citi, Jefferies After Suboxone Settlement
* Kingfisher PT to Street-High at RBC as Strategy Issues Addressed
* Kuehne + Nagel Is a ‘Port in a Storm,’ Bernstein Still Bullish
* National Grid Raised at Jefferies on ‘Opportunistic Opening’
* Serco Gets Street-High PT at Berenberg on Strong Margin Outlook
* U.S. SOFTWARE INDUSTRY VIEW CUT TO IN-LINE AT MORGAN STANLEY
* VODAFONE NEW S-T CATALYST CALL BUY AT DEUTSCHE BANK