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

>>> Up
* Air France-KLM Raised to Buy at Deutsche Bank; PT 2.30 euros
* Cibus Nordic Raised to Buy at Pareto Securities; PT 130 kronor (+)
* H&M Raised to Hold at HSBC; PT 145 kronor (+)
* H&M Raised to Buy at Bryan Garnier; PT 185 kronor (+)
* IAG Raised to Buy at Deutsche Bank; PT 200 pence
* IAG Raised to Overweight at Barclays; PT 170 pence (+)
* Ceres Power Raised to Buy at HSBC; PT 440 pence
* Genus Raised to Buy at Stifel; PT 3,200 pence
* Lufthansa Raised to Buy at Deutsche Bank; PT 14.50 euros
* Pearson Raised to Outperform at Exane; PT 1,050 pence
* Spire Healthcare Raised to Buy at Jefferies; PT 250 pence
* Storebrand Raised to Buy at Kepler Cheuvreux; PT 96 kroner (+)
* Thule Raised to Buy at SEB Equities; PT 260 kronor
* Zimmer Biomet Raised to Hold at Jefferies; PT $130

>>> Down
* Andritz Cut to Accumulate at Erste Group; PT 75 euros
* Bankinter Cut to Underperform at KBW; PT 6.78 euros
* CaixaBank Cut to Market Perform at KBW; PT 4.97 euros
* DSV Cut to Neutral at JPMorgan; PT 1,270 kroner
* HGears Cut to Hold at Hauck & Aufhaeuser; PT 7 euros (+)
* JD.com ADRs Cut to Hold at Loop Capital; PT $49
* Jonix Cut to Hold at Bestinver; PT 80 euro cents
* Pets at Home Cut to Add at Peel Hunt; PT 400 pence
* Terna Cut to Neutral at Grupo Santander; PT 8.20 euros

>>> Initiation
* Alfa Laval Reinstated Buy at HSBC; PT 430 kronor
* Ariston Rated New Buy at HSBC; PT 14 euros
* Belimo Rated New Hold at HSBC; PT 476 Swiss francs
* DiscoverIE Rated New Hold at Liberum; PT 105 pence
* Equasens Rated New Hold at Stifel; PT 85 euros
* Nexus Rated New Buy at Stifel; PT 72 euros
* Nibe Rated New Buy at HSBC; PT 134 kronor
* Sectra Rated New Sell at Stifel; PT 125 kronor

>>> Call
* Berenberg Strategists Prefer UK Equities Over US Peers (+)
* KBW Remains Positive on Iberian, Italian Banks; Raises BBVA (+)
* IAG, Lufthansa, Air France-KLM Raised to Buy at Deutsche Bank (+)
* Citi Strategists Raise US Stocks, Cut Europe on Economic Risks (+)
* CITI STRATEGISTS RAISE GLOBAL TECH STOCKS TO OVERWEIGHT
* CITI STRATEGISTS CUT GLOBAL FINANCIALS STOCKS TO NEUTRAL
* Citi Optimistic on Building Materials; CRH and Holcim Top Picks
* Goldman’s Rubner Sees Stocks Primed for Further Gains in April
* Mining-Equipment Growth Potential Underappreciated, RBC Says
* Nemetschek Sits at Attractive Entry Point, Berenberg Upgrades
* Nibe, Ariston, Alfa Laval Among HSBC’s Preferred Heat-Pump Plays