>>> Europe : Brokers Upgrades & Downgrades - 31st of March 2022

>>> Up
* Freenet Raised to Neutral at Exane; PT 24 euros
* Halma Raised to Hold at HSBC; PT 2,365 pence
* Kapsch TrafficCom Raised to Buy at Erste Group; PT 22 euros
* M&G Raised to Add at AlphaValue/Baader
* Pearson Raised to Equal-Weight at Barclays; PT 725 pence
* Sabadell Raised to Buy at Deutsche Bank; PT 95 euro cents
* Seplat Energy Raised to Buy at Meristem Securities
* Stillfront Raised to Buy at HSBC; PT 53 kronor
* Telefonica Deutschland Raised to Neutral at Exane; PT 2.40 euros
* Telia Raised to Neutral at Exane; PT 35 kronor

>>> Down
* BBVA Cut to Hold at Deutsche Bank; PT 6 euros
* DFS Furniture Cut to Hold at Numis; PT 225 pence
* KPN Cut to Neutral at Exane; PT 3.20 euros
* Telenor Cut to Underperform at Exane; PT 114 kroner
* Vodafone Cut to Underperform at Exane; PT 110 pence

>>> Initiation
* Alstria Office Reinstated Hold at HSBC; PT 14.60 euros
* Amplifon Rated New Neutral at JPMorgan; PT 34 euros
* BBVA Reinstated Neutral at Goldman; PT 7.30 euros
* Deutsche Bank Reinstated Buy at Goldman; PT 18.70 euros
* DIM FP Rated New Equal-Weight at Morgan Stanley; PT 445 euros
* Santander Reinstated Buy at Goldman; PT 5 euros
* SwedenCare Rated New Buy at SEB Equities; PT 136 kronor
* UBS Group Reinstated Buy at Goldman; PT 27.90 Swiss francs

>>> Call
* Admiral Upgraded at Peel Hunt With Valuation Now ‘More Sensible’
* Sinch Cut at Handelsbanken on Anticipation of Weak First Quarter
* Var Energi New Buy at Jefferies on Organic Production Outlook