>>> Europe : Brokers Upgrades & Downgrades - 4th of August 2022

>>> Up
* Centrica PT Raised to 160 pence from 140 pence at Morgan Stanley
* Lloyds Raised to Buy at Goldman; PT 65 pence
* Tod's Raised to Hold at Jefferies; PT 40 euros

>>> Down
* Acciona Energia Cut to Neutral at Goldman; PT 43.50 euros
* AO World Cut to Hold at Panmure Gordon; PT 60 pence
* Avast Cut to Hold at HSBC; PT 655 pence
* Cowen Cut to Neutral at Piper Sandler; PT $39
* HSBC Cut to Neutral at Goldman; PT 705 pence
* JCDecaux Cut to Add at AlphaValue/Baader
* Just Eat Takeaway Cut to Equal-Weight at Barclays
* PNE AG Cut to Reduce at Baader Helvea; PT 14.50 euros
* Travis Perkins Cut to Add at Peel Hunt; PT 1,160 pence

>>> Initiation
* Elior Group Reinstated Neutral at Citi; PT 3.30 euros
* Ergomed Rated New Buy at Berenberg; PT 1,450 pence

>>> Call
* Centrica EPS Estimates Boosted 70%, PT Raised at Morgan Stanley
* doValue Results Beat, Expect Small Positive Reaction, Citi Says
* Ergomed a Buy at Berenberg on Attractive, Niche Positioning
* GS Strategists Say Stocks Could Fall Without Shift in Macro Data
* Lanxess 2Q Ebitda Beats, But Expect ‘Muted’ Reaction: Jefferies
* MorphoSys Small Beat, Focus on 2H Data Readouts: Morgan Stanley
* Travis Perkins Cut to Add at Peel Hunt on Lack of Catalysts