>>> Europe : Brokers Upgrades & Downgrades - 28th of February 2023 V2(+)

>>> Up
* Adidas Raised to Buy at Berenberg; PT 180 euros
* *ADIDAS UPGRADED TO OVERWEIGHT AT JPMORGAN
* Boreo Oyj Raised to Accumulate at Inderes; PT 44 euros (+)
* Bunzl PT Raised to 3,500 pence from 3,300 pence at Citi
* Campari Raised to Overweight at Morgan Stanley; PT 12.50 euros
* GN Store Nord Raised to Buy at Jefferies; PT 205 kroner
* IAG PT Raised to 240 pence from 220 pence at Liberum (+)
* JDE Peet's Raised to Hold at Berenberg; PT 25.85 euros
* L'Oreal Raised to Add at AlphaValue/Baader
* Roche Raised to Buy at SocGen
* SBB Raised to Buy at Pareto Securities; PT 21 kronor (+)
* Shell Raised to Add at AlphaValue/Baader
* SoftBank ADRs Raised to Hold at Jefferies; PT $19.18 (+)
* Worldline Raised to Overweight at Morgan Stanley; PT 51 euros

>>> Down
* Mondi Cut to Neutral at JPMorgan; PT 1,606 pence
* OMV Cut to Underperform at Exane
* Puma Cut to Neutral at JPMorgan
* REC Silicon Cut to Reduce at AlphaValue/Baader

>>> Initiation
* Aker Solutions Rated New Buy at Nordea; PT 55 kroner
* Bifire Rated New Buy at Intesa Sanpaolo; PT 4.90 euros (+)
* Cicor Tech Rated New Add at Baader Helvea; PT 52 Swiss francs

>>> Call
* Adidas Upgraded at Berenberg on Multi-Year Turnaround Potential
* Campari Capex Step-Up a Game-Changer, Morgan Stanley Upgrades
* Citi’s Montagu Says Futures Flows Turn Bearish in US, Europe
* GN Store Up to Buy at Jefferies on Consumer Recovery Potential
* JDE Peet’s Raised to Hold at Berenberg as Key Risks Subside
* JPMorgan Sees Quants Selling $50 Billion of Stocks on Chart Test
* OMV Cut to Underperform at Exane BNP on Weaker 2023 Outlook
* Worldline Raised at MS on Attractive Growth, M&A Opportunities