>>> Europe : Brokers Upgrades & Downgrades - 6th of December 2021

>>> Up
* Berkeley Raised to Equal-Weight at Barclays; PT 4,460 pence
* Crest Nicholson Raised to Overweight at Barclays; PT 430 pence
* City Pub Raised to Buy at Panmure Gordon; PT 116 pence
* Deutsche Bank Raised to Overweight at JPMorgan; PT 15 euros
* EMS-Chemie Raised to Buy at Stifel; PT 1,020 Swiss francs
* Hollywood Bowl Raised to Buy at Peel Hunt; PT 275 pence
* Merck KGaA Raised to Outperform at Exane; PT 255 euros
* Piippo Raised to Reduce at Inderes; PT 3 euros
* Sobi Raised to Buy at Pareto Securities; PT 235 kronor
* UniCredit Raised to Overweight at JPMorgan; PT 15 euros
* Wells Fargo Raised to Overweight at Morgan Stanley

>>> Down
* abrdn plc Cut to Underweight at Morgan Stanley; PT 266 pence
* Bank of New York Mellon Cut to Underweight at Morgan Stanley
* Citigroup Cut to Equal-Weight at Morgan Stanley
* Bureau Veritas Cut to Equal-Weight at Barclays; PT 29.50 euros
* Just Eat Takeaway Cut to Market Perform at Bernstein
* Naturgy Cut to Equal-Weight at Barclays; PT 24.70 euros
* Novartis Cut to Neutral at Exane; PT 85 Swiss francs
* Persimmon Cut to Underweight at Barclays; PT 2,500 pence

>>> Initiation
* Apple Reinstated Overweight at KeyBanc; PT $191
* Evotec SE Rated New Overweight at Morgan Stanley; PT 53 euros
* Evotec SE ADRs Rated New Overweight at Morgan Stanley; PT $30
* Hertz Reinstated Neutral at Goldman; PT $32
* Hertz Reinstated Overweight at Barclays; PT $28
* Hertz Reinstated Overweight at JPMorgan; PT $30
* Hertz Reinstated Equal-Weight at Morgan Stanley; PT $27
* Hertz Reinstated Buy at Deutsche Bank; PT $34
* Kistos Rated New Buy at Berenberg; PT 495 pence
* Rivian Rated New Neutral at Goldman; PT $94
* Rivian Rated New Outperform at Baird; PT $150
* Rivian Rated New Neutral at JPMorgan; PT $104
* Rivian Rated New Outperform at Wedbush; PT $130
* Rivian Rated New Overweight at Morgan Stanley; PT $147
* Rivian Rated New Buy at Deutsche Bank; PT $130
* Rivian Rated New Outperform at RBC; PT $165
* Stillfront Rated New Buy at Handelsbanken; PT 64.50 kronor

>>> Call
* Stadler Rail to Neutral at Citi on Balanced Risk/Reward Outlook
* Synthomer Double-Downgraded at Morgan Stanley on Supply Outlook