>>> Europe : Brokers Upgrades & Downgrades - 31st of January 2023 V2(+)

>>> Up
* Admicom Raised to Buy at Inderes; PT 52 euros
* AMSC ASA Raised to Buy at Pareto Securities; PT 51 kroner
* BAE Raised to Buy at UBS; PT 1,050 pence
* Compass Group Raised to Buy at HSBC; PT 2,320 pence
* Diageo Raised to Buy at Investec; PT 3,900 pence (+)
* EFG International Raised to Neutral at Citi; PT 9 Swiss francs
* Elekta Raised to Buy at Nordea; PT 90 kronor (+)
* Phoenix Group Raised to Add at Peel Hunt
* Rockwool Raised to Buy at Handelsbanken
* Taylor Wimpey Raised to Equal-Weight at Morgan Stanley
* TF1 Raised to Equal-Weight at Barclays; PT 8 euros
* WPP Raised to Overweight at Barclays; PT 1,200 pence

>>> Down
* Airbus Cut to Sell at UBS; PT 105 euros
* AT&S PT Cut to 26 euros from 28 euros at Berenberg
* Autoliv GDRs Cut to Sell at Nordea; PT 850 kronor (+)
* Electrolux Professional Cut to Hold at SEB Equities (+)
* FDJ Cut to Reduce at HSBC; PT 35 euros
* Intel Cut to Sell at Fubon; PT $22
* J D Wetherspoon Cut to Hold at HSBC; PT 510 pence
* Jupiter Cut to Hold at Canaccord; PT 142 pence (+)
* Lapwall Cut to Reduce at Inderes; PT 3.75 euros
* LEGAL & GENERAL CUT TO HOLD VS BUY AT BERENBERG
* M6 Cut to Underweight at Barclays; PT 14.50 euros
* M&G CUT TO HOLD VS BUY AT BERENBERG, PT 218P
* M&G Cut to Add at AlphaValue/Baader
* Mediaset Espana Cut to Sell at Alantra Equities; PT 3.86 euros (+)
* RELX Cut to Equal-Weight at Barclays; PT 2,585 pence
* Restaurant Group Cut to Hold at HSBC; PT 35 pence
* *ROVIO RAISED TO BUY VS HOLD AT JEFFERIES (+)
* Sixt Raised to Buy at Jefferies; PT 130 euros
* Thales Cut to Neutral at UBS; PT 135 euros
* *UBISOFT CUT TO UNDERPERFORM VS BUY AT JEFFERIES (+)
* Valmet Cut to Accumulate at Inderes; PT 32 euros
* Wickes Cut to Neutral at Citi; PT 160 pence (+)

>>> Initiation
* Chesnara Rated New Outperform at RBC; PT 350 pence
* Credito Emiliano Cut to Add at Intesa Sanpaolo; PT 8.70 euros
* Nova Ljubljanska Rated New Buy at HSBC; PT 112 euros
* Serica Re-Initiated Buy at Peel Hunt; PT 437 pence
* Tissue Regenix Rated New Corporate at Finncap; PT 1.20 pence (+)

>>> Call
* AMS-Osram’s ‘Abrupt’ CEO Change Adds Uncertainty, Vontobel Says (+)
* Berenberg Sees Risks for UK Life Insurers, Cuts L&G and M&G
* Bullish Momentum Returns to Equity Futures, Citi’s Montagu Says
* Cosmo Gets Another Buy as Berenberg Highlights Sales Potential
* Holmen Called Up on Dividend Beat, Strong 4Q: Handelsbanken (+)
* HSBC Positive on Leisure Sector, Hospitality Pressure Continues
* Pets at Home 3Q Sales Softer Than Expected, Says RBC (+)
* Rockwool Up to Buy at Handelsbanken as Margin Pressures Abate
* Sixt Raised to Buy at Jefferies on Stable Prices, Travel Outlook
* Swiss Banks Offer ‘Compelling’ Opportunities, EFG Raised: Citi
* UBS Results Look Mixed, Capital Distribution Strong: Jefferies (+)
* UniCredit Beats Across Board, Capital Return Very Strong: KBW (+)
* UK Builders Not Cheap, Berkeley Cut, Taylor Wimpey Raised at MS
* Vestas Raised to Buy at Handelsbanken With Recovery ‘in Sight’
* VW Weighs Ontario as Location for Battery Cell Plant: HB (+)