>>> Europe : Brokers Upgrades & Downgrades - 4th of May 2023 V3(++)

>>> Up
* ACS Raised to Buy at AlphaValue/Baader
* Arcadis Raised to Buy at Bank Degroof Petercam; PT 52 euros (++)
* CRH Raised to Buy at Kepler Cheuvreux; PT 51 euros (++)
* Deutsche Bank Raised to Buy at Citi; PT 13.50 euros
* EFF GR Raised to Speculative Buy at SMC Research; PT 2.10 euros (++)
* ING Raised to Buy at Redburn
* Lassila & Tikanoja Raised to Accumulate at Inderes; PT 11 euros
* M&G Credit Income Investment Trust Raised to Buy at Stifel (++)
* Metso Outotec Raised to Accumulate at Inderes; PT 11.50 euros
* NTG Nordic Transport Group Raised to Buy at Danske Bank Markets
* Pandora Raised to Buy at Jyske Bank; PT 720 kroner (++)
* Paradox Interactive Raised to Buy at Handelsbanken
* UniCredit Raised to Outperform at Oddo BHF (+)

>>> Down
* Beiersdorf Cut to Market Perform at Bernstein (+)
* Biocartis Cut to Accumulate at KBC Securities; PT 1 euro
* Clasquin Cut to Hold at Kepler Cheuvreux; PT 76 euros (++)
* Demant Cut to Hold at Jyske Bank; PT 300 kroner (+)
* Deutsche Post Cut to Hold at M.M. Warburg; PT 47 euros (++)
* Estee Lauder Cut to Hold at CFRA; PT $200
* Estee Lauder PT Cut to $210 from $250 at Consumer Edge Research
* Flutter Cut to Equal-Weight at Wells Fargo; PT 16,600 pence
* Iberdrola Cut to Hold at Jefferies; PT 12 euros
* Know IT Cut to Hold at Handelsbanken
* L'Oreal Cut to Market Perform at Bernstein (+)
* Medcap Cut to Hold at ABG; PT 275 kronor (++)
* New Work Cut to Hold at M.M. Warburg; PT 170 euros (++)
* Orkla Cut to Hold at Pareto Securities; PT 80 kroner (++)
* Teleperformance Cut to Equal-Weight at Morgan Stanley
* YIT Cut to Sell at DNB Markets; PT 1 euro

>>> Initiation
* Comet Rated New Buy at Kepler Cheuvreux; PT 270 Swiss francs (++)
* LAIQON AG Rated New Add at AlphaValue/Baader
* NTG Nordic Transport Group Rated New Buy at Carnegie (++)

>>> Call
* AMG Revenue Beats, Guidance Now Appears Conservative, Citi Says
* BAE Update Sugggests Good Operational Performance: Jefferies (++)
* Iberdrola Cut to Hold at Jefferies With Attractions Priced In
* ISS Organic Growth Boosted by Pricing and Volumes, MS Says
* Maersk Falls on Lower Rates, Volumes, Miss in Non-Ocean: Stifel (++)
* Norsk Hydro May Need to Raise Price for Poland’s Alumetal: Erste (+)
* SIG Group Consensus to Rise After Beat, Reiterated Outlook: Citi (+)
* Swiss Re Beat to Help Stock, Casualty Reserving a Worry: MS (+)
* Teleperformance Cut at Morgan Stanley on Lack of Catalysts
* Telenor 1Q Numbers Show Improvement, Norway Strength, MS Says
* Valneva Gains; 1Q Sales Get Boost From Travel, Kempen Says (+)
* Vicat 1Q Revenue Beats, Consensus Should Rise, Citi Says
* Vonovia’s Disposals Show Management Delivering: RBC (+)
* Zalando’s Elevated Inventory Offsets Cost Control: Citi (+)