>>> Europe : Brokers Upgrades & Downgrades - 5th of January 2024 V2(+)

>>> Up
* Bellway Raised to Buy at Redburn; PT 3,100 pence
* Credit Agricole Raised to Market Perform at KBW; PT 15.50 euros
* Crest Nicholson Raised to Buy at Redburn; PT 269 pence
* DocMorris AG Raised to Buy at Berenberg; PT 100 Swiss francs
* Experian Raised to Outperform at BNPP Exane; PT 3,800 pence
* Maersk Raised to Buy at Jefferies; PT 16,500 kroner
* Marks & Spencer PT Raised to 310 pence at Jefferies
* Microsoft PT Raised to $450 from $400 at Jefferies
* Redcare Pharmacy NV Raised to Buy at Berenberg; PT 190 euros

>>> Down
* Cytokinetics Cut to Equal-Weight at Morgan Stanley; PT $90
* Deutsche Bank Cut to Underperform at KBW; PT 12.50 euros
* IBM Cut to Sell at SocGen; PT $143
* Next Cut to Hold at HSBC; PT 8,840 pence
* Prosegur Cut to Neutral at BNPP Exane; PT 1.80 euros
* Redrow Cut to Neutral at Redburn; PT 685 pence
* Robert Walters Cut to Neutral at BNPP Exane; PT 500 pence

>>> Initiation
* Ariston Rated New Overweight at Barclays; PT 9 euros
* BioNTech ADRs Rated New Market Perform at Oppenheimer
* Signify Rated New Underweight at Barclays; PT 31 euros
* Syensqo Rated New Overweight at JPMorgan; PT 148 euros

>>> Call
* Airbus Deliveries De-Risk Expectations for 2024: Morgan Stanley (+)
* Ariston and Nibe Rated Overweight by Barclays in Heat-Pump Picks (+)
* Citi Strategists See 2024 Global Stocks Gains Amid Easy Policy
* CITI STRATEGISTS UPGRADE GLOBAL FINANCIALS STOCKS TO OVERWEIGHT
* Maersk Gets Another Upgrade as Jefferies Flags Shift in Outlook (+)
* Mondi Set For Consolidation Period, Cut to Hold at Jefferies
* Signify Gets Only Sell Rating as Barclays Cautious on Outlook