>>> Upgrade
* Barry Callebaut Upgraded to Buy at Goldman; PT 2,100 Francs
* Ferguson Upgraded to Overweight at JPMorgan; PT 59.50 Pounds
* Metsa Board Upgraded to Accumulate at Inderes; PT 6.25 Euros
* Nordex Upgraded to Add at AlphaValue
* Pets at Home Upgraded to Buy at Citi
* Tecnicas Reunidas Raised to Overweight at JPMorgan
>>> Downgrade
* Atresmedia Downgraded to Market Perform at BBVA; PT 4.50 Euros
* Axa Downgraded to Add at AlphaValue
* Chr. Hansen Cut to Sell at DNB Markets; Price Target 670 Kroner
* EMS-Chemie Downgraded to Sell at Baader Helvea; PT 485 Francs
* Enagas Downgraded to Sell at SocGen; PT 19.50 Euros
* Endesa Downgraded to Underperform at RBC; Price Target 21 Euros
* EON Downgraded to Neutral at Oddo BHF; PT 10.70 Euros
* Gem Diamonds Downgraded to Hold at Berenberg
* Inditex Downgraded to Hold at Jefferies; PT 27 Euros
* KWS Saat Downgraded to Hold at Nord/LB
* Mediaset Espana Downgraded to Market Perform at BBVA; PT 7 Euros
>>> Initiation
* Boeing Resumed at Citi With Buy
* Kering Rated New Outperform at Mediobanca SpA; PT 600 Euros
* Klingelnberg Rated New Neutral at MainFirst; PT 40 Francs
>>> Call
* Wirecard’s Stock Remains a Sell as Uncertainty Prevails: Citi
* Inditex’s Flat Margins Mean Valuation Upside Limited: Jefferies