>>> Europe : Brokers Upgrades & Downgrades - 5th of February 2024

>>> Up
* Adidas Raised to Outperform at RBC; PT 200 euros
* AMD Raised to Accumulate at Phillip Secs; PT $195
* Intermediate Capital PT Raised to 2,300 pence at Jefferies
* J. Martins Raised to Overweight at Barclays; PT 27 euros
* JM Raised to Buy at ABG; PT 220 kronor
* Land Sec. Raised to Overweight at Morgan Stanley; PT 730 pence
* LyondellBasell Raised to Overweight at JPMorgan; PT $100
* National Grid Raised to Buy at Jefferies; PT 1,330 pence
* Volvo Car Raised to Buy at HSBC; PT 43 kronor

>>> Down
* Consti Cut to Accumulate at Inderes; PT 12.50 euros
* Diageo Cut to Add at AlphaValue/Baader
* Mattel Cut to Neutral at JPMorgan; PT $19
* Microsoft Cut to Hold at Punto Casa de Bolsa; PT $416.48

>>> Initiation
* BASF Rated New Outperform at CICC; PT 52 euros
* Conduit Rated New Outperform at Autonomous; PT 630 pence
* Dalata Rated New Buy at Numis; PT 6.20 euros
* Pluxee France Rated New Hold at SocGen; PT 32.50 euros
* Tencent Music ADRs Rated New Accumulate at CLSA; PT $10.50

>>> Call
* Adidas Upgraded at RBC on Product Cycle, Rebased Expectations
* Intermediate Capital a Top Pick, PT to Street-High at Jefferies
* JM’s Guidance for 2024 Offers Comfort, Upgraded to Buy at ABG
* Land Securities Raised at Morgan Stanley as ‘Lost Decade’ Ends
* National Grid Raised at Jefferies on Transmission Grid Overhaul