>>> Europe : Brokers Upgrades & Downgrades -29th of July 2020 - V2(+)

>>> Up
* Ageas SA/NV Raised to Buy at HSBC; PT 46 euros
* BIC Raised to Neutral at Oddo BHF (+)
* Carnival Plc Raised to Hold at Berenberg; PT 800 pence (+)
* Davide Campari-Milano NV Raised to Neutral at Mediobanca SpA
* Castellum Raised to Neutral at Goldman; PT 169 kronor
* Danske Bank Raised to Buy at Citi
* Deutsche Beteiligungs AG Raised to Buy at M.M. Warburg (+)
* Elekta Raised to Equal-Weight at Morgan Stanley; PT 86 kronor
* Endesa Raised to Buy at JB Capital Markets; PT 27 euros (+)
* Exel Raised to Hold at Portzamparc; PT 39 euros (+)
* Ferguson Raised to Buy at SocGen; PT 8,500 pence (+)
* Finnair Raised to Buy at Carnegie; PT 55 euro cents
* Foxtons Raised to Hold at Peel Hunt; PT 36 pence
* Gerresheimer PT Raised to 115 euros from 75 euros at Berenberg
* HSBC Holdings Raised to Buy at Investec; PT 395 pence
* Imerys Raised to Buy at HSBC; PT 41 euros
* Intesa Sanpaolo Raised to Neutral at Oddo BHF (+)
* Kamux C Raised to Buy at SEB Equities; PT 10.30 euros
* NCAB Group Raised to Buy at Carnegie; PT 250 kronor (+)
* Nokian Renkaat Raised to Hold at SEB Equities; PT 20 euros
* Nordea Bank Raised to Buy at Citi
* Reckitt PT Raised to 9,400 pence from 9,000 pence at Barclays (+)
* Ricardo Raised to Hold at Panmure Gordon; PT 324 pence (+)
* Sodexo Raised to Buy at Deutsche Bank; PT 70 euros
* Swedbank Raised to Buy at Citi
* Verallia SA Raised to Buy at Berenberg; PT 31 euros
* Zalando Raised to Buy at SocGen

>>> Down
* Aggreko Cut to Hold at Investec; PT 440 pence (+)
* ASML Cut to Market Perform at Bernstein; PT 292 euros
* ASML ADRs Cut to Market Perform at Bernstein; PT $322
* Cegedim Cut to Reduce at Gilbert Dupont; PT 28 euros (+)
* Embracer Group AB Cut to Hold at SEB Equities; PT 135 kronor
* Endesa Cut to Neutral at Citi; PT 24.50 euros
* Kingspan Cut to Hold at HSBC; PT 59 euros
* LVMH Cut to Sell at LBBW; PT 325 euros
* Neste Cut to Hold at SocGen; PT 41 euros
* Seche Environnement Cut to Neutral at Oddo BHF (+)
* Vontobel Cut to Hold at Octavian; PT 70 Swiss francs (+)

>>> Initiation
* BASF’s 3Q Outlook May Be Taken Poorly, Cash Flow Strong: Baader (+)
* PharmaSGP Holding Rated New Buy at Berenberg; PT 42.50 euros
* Vitec Rated New Buy at Jefferies; PT 885 pence

>>> Call
* Capgemini Update ‘Positive,’ Highlights Resilience, Goldman Says (+)
* Carrefour French Hypers Work in Progress, But LatAm Shines: Citi (+)
* Ferragamo 2Q Sales Disappoint, Consensus to Come Down: Analysts
* Next 2Q Sales Beat Helped by Online, Store Reopenings: Berenberg (+)
* Puma 2Q Broadly in Line With Estimates, Morgan Stanley Says (+)
* Sanofi ‘Strong’ Results Helped by Regeneron Revaluation: Goldman (+)