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

>>> Up
* Aedifica Reiterates to Equalweight at Morgan Stanley; PT 66 euro
* Hammerson Raised to Overweight at Morgan Stanley; PT 36 pence
* Schroders Raised to Overweight at JPMorgan; PT 501 pence
* Telefonica Deutschland Raised to Hold at Berenberg
* Thales Raised to Buy at Jefferies; PT 160 euros
* Vonovia Raised to Equal-Weight at Morgan Stanley; PT 23 euros

>>> Down
* Aroundtown Reiterates to Underweight at Morgan Stanley; PT cut from 2 euro to 1,50 euro
* British Land Cut to Neutral at JPMorgan; PT 410 pence
* Cofinimmo Cut to Equal-Weight at Morgan Stanley; PT 75 euros
* Land Sec. Cut to Equal-Weight at Morgan Stanley; PT 650 pence
* PGS Cut to Sell at SEB Equities; PT 6.50 kroner
* SocGen Cut to Equal-Weight at Barclays; PT 30 euros
* Standard Chartered Cut to Underperform at KBW; PT 790 pence
* WDP Cut to Underweight at Morgan Stanley; PT 21 euros

>>> Initiation
* Calnex Solutions Rated New Buy at Canaccord; PT 165 pence

>>> Call
* Morgan Stanley Has Overweight Skew on UK in European Property
* Telefonica Deutschland Raised to a ‘Cautious’ Hold at Berenberg