>>> Europe : Brokers Upgrades & Downgrades - 2nd of February 2023

>>> Up
* Billerud Raised to Hold at Jefferies; PT 125 kronor
* Elior Group Raised to Buy at AlphaValue/Baader
* FedEx Raised to Buy at Citi; PT $240
* FLSmidth Raised to Hold at Handelsbanken
* Nixu Raised to Accumulate at Inderes; PT 8.20 euros
* UniCredit Raised to Add at AlphaValue/Baader

>>> Down
* Auto Trader PT Cut to 405 pence from 441 pence at Credit Suisse
* Banca Generali Cut to Equal-Weight at Barclays; PT 38.50 euros
* Epiroc Cut to Hold at DNB Markets; PT 220 kronor
* FinecoBank Cut to Equal-Weight at Barclays; PT 18 euros
* Getinge Cut to Hold at Pareto Securities; PT 255 kronor
* Hugo Boss Cut to Hold at Jefferies; PT 69 euros
* Husqvarna Cut to Sell at DNB Markets; PT 82 kronor
* Match Group Cut to Market Perform at Oppenheimer
* Peloton Cut to Market Perform at JMP
* Piippo Cut to Sell at Inderes; PT 2.30 euros
* Standard Chartered Cut to Neutral at Goldman; PT 885 pence

>>> Initiation
* Kemira Rated New Buy at Stifel; PT 21 euros
* LXI REIT Plc Rated New Buy at Panmure Gordon; PT 121 pence
* Trifork Holding Rated New Buy at Berenberg; PT 200 kroner

>>> Call
* Billerud Upgraded at Jefferies, Valuation Reflects Uncertainties
* Hugo Boss Cut at Jefferies With Sales Growth Set to Decelerate
* Merck KGaA Downgraded, Negative Catalyst Watch Opened at Citi
* Neoen 4Q Power Projects Are ‘Strong Improvement’: Morgan Stanley
* StanChart Cut at Goldman as Rate Divergence Upside Played Out
* Trifork Holding New Buy at Berenberg on Long Growth Runway