>>> Up
* BayWa Raised to Buy at Baader-Helvea, PT EU36
* Cognizant Raised to Buy at Berenberg
* ElringKlinger Raised to Outperform at Macquarie
* Panalpina Raised to Hold at HSBC, PT CHF120
>>> Down
* AA Cut to Underperform at Credit Suisse
* Beazley Cut to Market Perform at Bernstein, PT 490p
* Julius Baer Cut to Equal-weight at Morgan Stanley, PT CHF61
* R. Stahl Cut to Reduce at HSBC, PT EU24
>>> Initiation
* Delivery Hero New Buy at Citi, PT EU36
* Delivery Hero New Buy at Berenberg, PT EU33.20
* Delivery Hero New Buy at Jefferies, PT EU33
* Delivery Hero New Overweight at Morgan Stanley, PT EU30