>>> Europe : Brokers Upgrades & Downgrades - 2nd of December 2021

>>> Up
* Argenx Raised to Buy at Kepler Cheuvreux; PT 290 euros
* Azelis Raised to Buy at Goldman; PT 33 euros
* Gestamp Raised to Overweight at Barclays; PT 5.50 euros
* Krones Raised to Buy at Deutsche Bank; PT 117 euros
* Superdry Raised to Outperform at RBC; PT 425 pence
* Trainline Raised to Buy at Peel Hunt; PT 440 pence
* United Utilities Raised to Reduce at AlphaValue/Baader
* Valeo Raised to Overweight at Barclays; PT 35 euros

>>> Down
* Continental Cut to Underweight at Barclays; PT 95 euros
* Eurofins Scientific Cut to Neutral at Goldman; PT 122 euros
* ING Cut to Sector Perform at RBC; PT 15 euros
* Maisons du Monde Cut to Underperform at Exane; PT 18.50 euros
* Michelin Cut to Equal-Weight at Barclays; PT 150 euros

>>> Initiation
* Ebusco Holding Rated New Overweight at Barclays; PT 40 euros
* Ebusco Holding Rated New Equal-Weight at Morgan Stanley
* Ebusco Holding Rated New Buy at Jefferies; PT 32 euros
* Ebusco Holding Rated New Buy at ING; PT 36.75 euros
* Esker Rated New Buy at Kepler Cheuvreux; PT 410 euros
* HelloFresh Rated New Buy at LBBW; PT 101 euros
* S&T Rated New Buy at Stifel; PT 30 euros
* Seri Industrial Rated New Buy at Kepler Cheuvreux
* Tungsten West Rated New Buy at VSA Capital Ltd; PT 125 pence
* Vitesco Rated New Neutral at Goldman; PT 46 euros

>>> Call
* Drax Downgraded to Neutral at Citi Following Strong Re-Rating
* Seco Well-Placed to Capture Market Growth, New Buy at Berenberg
* Superdry at Attractive Entry Point, RBC Raises to Outperform
* Trainline Upgraded at Peel Hunt on Weakness, Medium-Term Outlook