>>> Europe : Brokers Upgrades & Downgrades - 4th of November 202

>>> Up
* BMW PT Raised to 135 euros from 125 euros at Deutsche Bank
* Capri Holdings Raised to Overweight at JPMorgan; PT $77 (+)
* CIE Automotive Raised to Buy at Grupo Santander; PT 29.60 euros (+)
* IPF Raised to Buy at Shore Capital; PT 165 pence
* Kloeckner Raised to Buy at Bankhaus Metzler; PT 14.10 euros (+)
* Lufthansa Raised to Neutral at Oddo BHF; PT 7.20 euros
* TeamViewer Raised to Outperform at Oddo BHF; PT 21 euros (+)
* Traffic Systems Raised to Buy at M.M. Warburg; PT 50 euros (+)
* TUI Raised to Market Perform at Bernstein

>>> Down
* Activision Blizzard Cut to Hold at Edward Jones
* AMA Cut to Hold at Kepler Cheuvreux; PT 2.70 euros
* American Water Cut to Neutral at Goldman; PT $177
* Aveva Cut to Equal-Weight at Barclays; PT 3,880 pence
* Endesa Cut to Neutral at Citi; PT 20.20 euros
* Energean Cut to Hold at Panmure Gordon; PT 903 pence
* Qualcomm Cut to Hold at Summit Insights
* Teleperformance Cut to Hold at SocGen; PT 408 euros (+)
* Trainline Cut to Hold at Deutsche Bank; PT 351 pence
* Ubisoft Cut to Hold at Berenberg; PT 48 euros
* Volue Cut to Hold at Pareto Securities; PT 60 kroner
* Vontobel Cut to Neutral at Citi; PT 88 Swiss francs

>>> Initiation
* Adyen New Outperform at SMBC Nikko; PT 3,200 euros
* Air France-KLM Rated New Hold at Grupo Santander; PT 4.50 euros (+)
* ITM Power Rated New Buy at Arden Partners; PT 550 pence (+)
* Peel Hunt Rated New Outperform at KBW; PT 260 pence (+)
* Plug Power Rated New Outperform at SMBC Nikko; PT $50

>>> Call
* Equity Market Gains Entirely Due to Earnings Ests.: Bernstein (+)
* Alstria Office Guidance Supports Rangebound View: Morgan Stanley
* BT Results In Line, ‘Peak Capex’ Guidance Decreased: Berenberg (+)
* Commerzbank Has ‘Great Set of Results,’ Citi Says; Reaffirms Buy (+)
* Credit Suisse’s New Strategy ‘Less Radical’ Then Hoped: Citi (+)
* Deutsche Post’s New Outlook Is ‘Encouraging,’ Bernstein Says (+)
* Endesa Cut at Citi After 3Q, Balance Sheet Weakness Flagged
* Freenet’s 3Q Results ‘Ahead Where it Matters,’ Jefferies Says
* HeidelbergCement 3Q Shows Poor Price Management: Morgan Stanley (+)
* Hugo Boss’s Confirmed Ebit Guidance ‘Too Achievable’: Jefferies (+)
* IMI 3Q Shows Strong Trading Against Tough Backdrop: Jefferies (+)
* Merck KGaA’s Life Sciences Strength in Line With Peers: Citi
* Orpea Guidance and Growth Should Reassure Market, Jefferies Says
* Siemens Healthineers Misses, Bernstein Calls Results ‘Neutral’
* SocGen Results ‘Very Strong,’ Revenue Momentum Higher: Jefferies (+)
* Telefonica Has Mixed Spanish Performance, Hispam Drives Beat: GS (+)
* Teleperformance Beat Modest, But Good Quality: Morgan Stanley
* Tenaris Beat, Outlook Seen Driving Estimate Upgrades: Jefferies (+)
* Ubisoft Cut at Berenberg on Reduced Optimism Over Execution (+)
* Wizz 2Q Results Affected by Air Fare Weakness, Bernstein Says (+)