>>> Europe : Brokers Upgrades & Downgrades - 3rd of January 2023

>>> Up
* Coty Raised to Overweight at Piper Sandler; PT $10
* Fresenius SE Raised to Buy at Jefferies; PT 35 euros
* Fresenius SE ADRs Raised to Buy at Jefferies; PT $9.30
* Marel HF Raised to Outperform at Oddo BHF; PT ISK819.16
* Rolls-Royce Raised to Buy at Jefferies; PT 125 pence

>>> Down
* Anglo American Cut to Market Perform at Bernstein
* Fresenius Medical Cut to Underperform at Jefferies; PT 22 euros
* Fresenius Medical ADRs Cut to Underperform at Jefferies
* Getinge Cut to Underweight at JPMorgan; PT 174 kronor
* Mondelez Cut to Sector Perform at RBC; PT $69
* Parsons Cut to Underweight at Morgan Stanley; PT $40
* SSE Cut to Hold at Jefferies; PT 1,830 pence
* Selvaag Bolig Cut to Sell at DNB Markets; PT 25 kroner
* Thales Cut to Hold at Jefferies; PT 135 euros
* Wizz Air Cut to Sell at Citi; PT 1,700 pence

>>> Initiation


>>> Call
* Citi Expects Challenging Demand for Building Products in 2023
* Rolls-Royce Raised, Thales Cut at Jefferies; MTU Top Pick
* SSE Downgraded to Hold at Jefferies as Momentum Starts to Slow