>>> Europe : Brokers Upgrades & Downgrades - 28th of September 2021 V2(*)

>>> Up
* Boku Raised to Buy at Stifel; PT 235 pence (+)
* Bouygues Raised to Buy at Jefferies; PT 40 euros
* British Land Raised to Neutral at Citi; PT 526 pence
* Electrocomponents Raised to Outperform at RBC; PT 1,350 pence
* Flutter Raised to Buy at HSBC; PT 17,400 pence
* H&M Raised to Buy at Handelsbanken; PT 220 kronor
* Land Sec. Raised to Neutral at Citi
* Lenzing Raised to Accumulate at Erste Group; PT 118.50 euros
* Nokia Raised to Buy at LBBW; PT 5.75 euros
* Peab Raised to Buy at SEB Equities; PT 110 kronor
* SES GDRs Raised to Buy at Berenberg; PT 10 euros
* SpareBank 1 Helgeland Raised to Buy at DNB Markets

>>> Down
* Beiersdorf Cut to Underperform at Bernstein; PT 90 euros
* Coca-Cola HBC Cut to Neutral at Exane; PT 2,600 pence (+)
* Deutsche Wohnen Cut to Sell at M.M. Warburg; PT 53.80 euros (+)
* Eutelsat Cut to Hold at Berenberg; PT 12 euros
* Logitech Cut to Underweight at Morgan Stanley; PT $82
* Sage Cut to Sell at Goldman; PT 700 pence
* Siemens Gamesa Cut to Neutral at Citi; PT 26.50 euros

>>> Initiation
* Boozt Rated New Sell at Handelsbanken; PT 140 kronor
* Clipper Logistics Rated New Hold at Peel Hunt; PT 865 pence
* Entain Rated New Hold at Investec; PT 2,400 pence
* Klaveness Combination Carriers Rated New Buy at DNB Markets (+)
* Leroy Rated New Underweight at Barclays; PT 70 kroner
* Mowi Rated New Overweight at Barclays; PT 298 kroner
* Playtech Reinstated Hold at Investec; PT 460 pence
* Rvrc Holding Rated New Hold at Handelsbanken; PT 80 kronor
* UPS Rated New Outperform at Evercore ISI

>>> Call
* Adidas Price Target Lowered at RBC Following Nike’s Results (+)
* Beiersdorf Margin Expectations Too High, Bernstein Downgrades
* British Land, Land Securities Raised on Office Resilience: Citi
* Carlsberg 3Q Trading Seen ‘Robust’ as Europe Recovers: Jefferies (+)
* Citi Rejigs Wind Stock Ratings; Upgrades Nordex, Cuts Gamesa
* Flutter Up to Buy as Valuation Requires a Rethink, HSBC Says (+)
* H&M to Benefit from Pent-Up Demand, Handelsbanken Raises to Buy (+)
* SES’s C-Band Exposure Makes it Preferable to Eutelsat: Berenberg