>>> Europe : Brokers Upgrades & Downgrades - 27th of March 2024

>>> Up
* Adyen Upgraded at Morgan Stanley; PT Raised to 1,850 Euros
* Deutsche Bank Raised to Overweight at Morgan Stanley
* GXO Logistics Raised to Neutral at BNPP Exane; PT $50
* Leonardo Raised to Add at AlphaValue/Baader
* Lundin Mining Raised to Outperform at BMO; PT C$16
* Petershill Raised to Buy at Numis; PT 240 pence
* Proximus Raised to Hold at ING; PT 7.50 euros
* Royal Gold Raised to Outperform at BMO; PT $158
* SGL Raised to Buy at HSBC; PT 10 euros
* Telenor Raised to Outperform at BNPP Exane; PT 135 kroner

>>> Down
* BMW Cut to Hold at Jefferies; PT 110 euros
* C.H. Robinson Cut to Neutral at BNPP Exane; PT $76
* Credit Agricole Cut to Underweight at Morgan Stanley
* Elisa Cut to Underperform at BNPP Exane; PT 40 euros
* FedEx Cut to Underperform at BNPP Exane; PT $250
* HSBC Cut to Equal-Weight at Barclays; PT 740 pence
* Life Science REIT Cut to Hold at Jefferies; PT 45 pence
* Sandvik Cut to Hold at Pareto Securities; PT 260 kronor
* Tele2 Cut to Neutral at BNPP Exane; PT 88 kronor
* Visa Cut to Neutral at Redburn; PT $307

>>> Initiation
* Mycronic Rated New Buy at Nordea; PT 470 kronor
* Schott Pharma Rated New Hold at Berenberg; PT 38 euros
* Spotify Rated New Buy at HSBC; PT $310
* Straumann Rated New Buy at Goldman; PT 170 Swiss francs
* Syensqo Rated New Hold at Jefferies; PT 78 euros
* Wolters Kluwer Rated New Buy at ING; PT 170 euros

>>> Call
* BMW Cut to Hold at Jefferies, Already Pricing In Cash Returns
* Schott Pharma Qualities Already Priced In, New Hold at Berenberg