>>> Europe : Brokers Upgrades & Downgrades - 29th of March 2023

>>> Up
* 3i PT Raised to 2,313 pence from 2,075 pence at Morgan Stanley
* Acciona Raised to Outperform at Grupo Santander; PT 231 euros
* ASMI Raised to Equal-Weight at Morgan Stanley; PT 320 euros
* Bankinter Raised to Neutral at Oddo BHF; PT 6.90 euros
* BCP Raised to Buy at Deutsche Bank; PT 26 euro cents
* Coloplast Raised to Equal-Weight at Barclays; PT 840 kroner
* CPH Chemie & Papier Raised to Buy at Baader Helvea
* ITM Power Raised to Hold at Berenberg
* Rovio Raised to Accumulate at Inderes; PT 8 euros
* Tesco Raised to Overweight at Morgan Stanley; PT 296 pence
* WPP Raised to Outperform at Exane

>>> Down
* Digital 9 Infrastructure/Fund Cut to Underperform at Jefferies
* Schibsted Cut to Hold at Nordea
* Smith & Nephew Cut to Underweight at Barclays
* UBS Group Cut to Sector Perform at RBC; PT 20 Swiss francs
* WITHSECURE CUT TO HOLD VS BUY AT BERENBERG, PT EU1.6

>>> Initiation
* Coca-Cola Femsa ADRs Rated New Buy at William O'Neil
* Deere Rated New Outperform at Daiwa; PT $440
* DS Smith Reinstated Neutral at Exane; PT 310 pence
* Ernst Russ Rated New Buy at Quirin Privatbank AG; PT 7.90 euros
* Klaveness Combination Carriers Rated New Buy at Fearnley
* Martin Marietta Rated New Hold at Baptista Research; PT $370
* Mondi Reinstated Underperform at Exane; PT 1,200 pence
* Pharming Rated New Outperform at RBC; PT 1.80 euros
* SCA Reinstated Underperform at Exane; PT 110 kronor
* Smurfit Kappa Reinstated Outperform at Exane
* Stora Enso Reinstated Outperform at Exane; PT 13.40 euros
* UPM-Kymmene Reinstated Neutral at Exane; PT 31 euros

>>> Call
* ASMI Upgraded to Equal-Weight at Morgan Stanley on AI Tailwinds
* Berenberg Remains Positive on Hydrogen Sector, ITM Power Raised
* European Real Estate Faces ‘Major’ Headwind From Yields: JPM
* Heidelberger Druck Has Many Growth Angles, New Buy at Berenberg
* Pharming Rated Outperform at RBC as Joenja Could Double Revenue
* Tesco Raised at Morgan Stanley on Margin Recovery Upside
* UBS ‘Reluctantly’ Downgraded at RBC Awaiting More Visibility