>>> Europe : Brokers Upgrades & Downgrades - 4th of January 2023

>>> Up
* ABN AMRO GDRs Raised to Outperform at Exane; PT 17 euros
* Celanese Raised to Outperform at RBC; PT $125
* Equinor Raised to Buy at SpareBank; PT 390 kroner
* Indivior PT Raised to 2,655 pence from 2,305 pence at Jefferies
* Lufthansa Raised to Reduce at AlphaValue/Baader
* McDonald's Raised to Buy at President Capital Management

>>> Down
* Boston Beer Cut to Underperform at Jefferies; PT $275
* Capricorn Energy Cut to Hold at Jefferies
* CVS Group Cut to Hold at Jefferies; PT 2,060 pence
* Elisa Cut to Sell at Handelsbanken
* Goldman Sachs Cut to Peerperform at Wolfe
* Heineken Raised to Equal-Weight at Barclays; PT 90 euros
* KBC Group Cut to Underperform at Exane; PT 65 euros
* Kimberly-Clark Cut to Hold at Jefferies; PT $139
* Lions Gate Cut to Market Perform at Barrington Research
* Morgan Stanley Cut to Underperform at Wolfe; PT $92
* National Beverage Cut to Underperform at Jefferies; PT $38
* SNP Schneider-Neureither Cut to Hold at Berenberg
* UPM-Kymmene Cut to Hold at Jefferies; PT 39 euros
* Volvo Cut to Neutral at Oddo BHF; PT 200 kronor

>>> Initiation
* Air Products Rated New Hold at Baptista Research; PT $325
* PayPal Rated New Outperform at CICC; PT $94.35
* Royal Unibrew Rated New Overweight at Barclays; PT 600 kroner
* Telia Rated New Sell at Citi; PT 23 kronor
* Zoetis Rated New Buy at Baptista Research; PT $196.40
* Weibo ADRs Rated New Outperform at CICC; PT $25

>>> Call
* Apple Cut to Neutral at Exane on Concerns Over Growth Outlook
* Futures Positioning Reflecting Bearish Tilt, Citi’s Montagu Says
* MS Defensive in Business/Education Services, Raises TransUnion
* Telia Rated New Sell at Citi as ‘Sobering Reset’ Approaches
* Pulp Supply Seen Ahead of Demand by Jefferies, Cuts UPM-Kymmene