>>> Europe : Brokers Upgrades & Downgrades - 28th of March 2024

>>> Up
* El.En. Raised to Buy at Berenberg
* Holcim Raised to Outperform at Oddo BHF; PT 95 Swiss francs
* Kone Raised to Outperform at Oddo BHF
* LEGRAND RAISED TO OVERWEIGHT AT MORGAN STANLEY, PT EU110
* Millicom GDRs Raised to Overweight at JPMorgan; PT 260 kronor
* MOL Raised to Accumulate at Erste Group; PT 3,450 forint
* OMV Raised to Buy at Erste Group; PT 52.50 euros
* Pirelli PT Raised to 7.30 euros from 6.40 euros at Citi
* Public Power Reinstated Overweight at Euroxx Securities

>>> Down
* Acciona Cut to Equal-Weight at Barclays; PT 125 euros
* Aviva Cut to Underperform at BNPP Exane; PT 420 pence
* CRH Cut to Neutral at Oddo BHF; PT $95
* DFS Furniture Cut to Hold at Berenberg
* Diploma Cut to Hold at Jefferies; PT 3,950 pence
* Forterra Cut to Hold at Peel Hunt; PT 180 pence
* Generali Cut to Neutral at BNPP Exane; PT 24 euros
* Legal & General Cut to Neutral at BNPP Exane; PT 270 pence
* NIBE Industrier Cut to Equal-Weight at Barclays; PT 52 kronor
* Volvo Cut to Hold at Nordea

>>> Initiation
* Akzo Nobel Reinstated Sell at Goldman; PT 63 euros
* Arkema Reinstated Neutral at Goldman; PT 98 euros
* BASF Reinstated Neutral at Goldman; PT 53 euros
* Clariant Reinstated Neutral at Goldman; PT 13 Swiss francs
* Croda Reinstated Neutral at Goldman; PT 5,100 pence
* Elia Group Rated New Overweight at Barclays; PT 120 euros
* Evonik Reinstated Neutral at Goldman; PT 18.20 euros
* hVIVO plc Rated New Buy at Peel Hunt; PT 36 pence

>>> Call
* Diploma Cut to Hold at Jefferies After Post-M&A Stock Gains
* Goldman Strategists Say S&P 500 is Expensive But Can Rise More
* JPMorgan Says Crowded Stocks Sow Risk of ‘Out-of-the-Blue’ Shock
* Legrand Raised to Overweight at Morgan Stanley on Growth Drivers
* RBC’s Calvasina Raises S&P 500 Target on Economic Growth Outlook
* Soitec’s 2025 Outlook is Far Below Expectations: Morgan Stanley