>>> Europe : Brokers Upgrades & Downgrades - 31st of May 2023

>>> Up
* Austriacard Raised to Buy at Raiffeisen Bank; PT 14.50 euros
* Chevron Raised to Neutral at JPMorgan; PT $170
* J D Wetherspoon Raised to Buy at HSBC; PT 940 pence
* Mediobanca Raised to Add at AlphaValue/Baader
* Mitchells & Butlers Raised to Buy at HSBC; PT 300 pence

>>> Down
* 3i Cut to Add at Numis; PT 2,285 pence
* Ambarella Cut to Sector Weight at KeyBanc
* DWF Group Cut to Sell at Liberum; PT 50 pence
* Enefit Green Cut to Neutral at Citi; PT 4.90 euros
* Inmobiliaria Colonial Cut to Reduce at AlphaValue/Baader
* Nokian Renkaat Cut to Add at AlphaValue/Baader
* Norrhydro Group Cut to Reduce at Inderes; PT 3.20 euros

>>> Initiation
* Bilia Rated New Buy at DNB Markets; PT 130 kronor
* BNP Paribas Reinstated Neutral at Goldman; PT 76 euros
* Dowlais Rated New Underperform at BNPP Exane; PT 120 pence
* Inventiva SACA ADRs Rated New Buy at Roth MKM; PT $11
* MorphoSys Rated New Buy at UBS; PT 47 euros
* Nice Ltd ADRs Rated New Buy at Mizuho Securities; PT $244
* Recordati Rated New Sector Perform at RBC; PT 43.50 euros

>>> Call
* BT, Hellenic Telecom Are Top Picks at Citi Into Second Quarter
* Chevron Loses Only Sell as JPMorgan Says Premium Has Narrowed
* Recordati Sector Perform at RBC, Premium Reflects Growth Outlook
* Wartsila Gets Upside Catalyst Watch at Citi on Services Business