>>> Europe : Brokers Upgrades & Downgrades - 8th of January 2019

>>> Up
* Edenred Raised to Overweight at Morgan Stanley
* Elior Group Raised to Overweight at JPMorgan; PT 14.80 euros
* Essity Raised to Buy at Handelsbanken; PT 340 kronor
* Imperial Brands Raised to Sector Perform at RBC
* Premier Oil Raised to Buy at Stifel; PT 150 pence
* Sipef NV Raised to Buy at Berenberg
* Sodexo Raised to Neutral at JPMorgan; PT 100 euros
* Voestalpine Raised to Buy at Deutsche Bank

>>> Down
* Air Liquide Cut to Neutral at Goldman; PT 131.50 euros
* Boostheat Cut to Hold at Berenberg
* Commerzbank Cut to Hold at Pareto Securities; PT 6 euros
* DNO Cut to Underperform at RBC; PT 11 kroner
* DSV PANALPINA A/S Cut to Neutral at Exane; PT 750 kroner
* Elementis Cut to Hold at Jefferies; PT 190 pence
* Elis Cut to Hold at Berenberg
* Genel Cut to Underperform at RBC; PT 160 pence
* Henkel Cut to Hold at HSBC; PT 101 euros
* ID Logistics Cut to Hold at Berenberg
* Kering Cut to Market Perform at Bernstein
* Kuehne + Nagel Cut to Neutral at Exane; PT 155 Swiss francs
* Maersk Cut to Neutral at Exane; PT 9,500 kroner
* MBB SE Cut to Hold at Berenberg
* Pandora Cut to Sell at Handelsbanken; PT 310 kroner
* Proximus Cut to Underweight at JPMorgan; PT 24 euros
* REC Silicon Cut to Hold at Arctic Securities; PT 3 kroner
* Rieter Cut to Reduce at Baader Helvea; PT 143 Swiss francs
* Sparebanken Sor Cut to Hold at DNB Markets; PT 110 kroner
* Spirent Cut to Sell at Goldman; PT 175 pence
* STMicroelectronics Cut to Neutral at Goldman; PT 24.50 euros
* STMicroelectronics ADRs Cut to Neutral at Goldman; PT $27.40
* TUI Cut to Add at AlphaValue
* u-blox Cut to Sell at MainFirst; PT 80 Swiss francs
* Unilever Cut to Reduce at HSBC; PT 46 euros

>>> Initiation
* Chr. Hansen Reinstated Sell at Goldman; PT 480 kroner
* Cyan Re-Initiated Buy at Bankhaus Lampe; PT 29 euros
* FDJ Rated New Neutral at Oddo BHF; PT 23.50 euros
* MTG Reinstated Hold at Spin-Off Research; PT 107 kronor
* Novozymes Reinstated Buy at Goldman; PT 375 kroner
* Qiagen Rated New Equal-Weight at Wells Fargo; PT $36

>>> Call
* European Small, Mid-Caps Offer Opportunities in 2020: Berenberg
* ABI CFO Change May Lower Chances of Near-Term M&A: Jefferies
* Imperial Brands’ ‘Lowly’ Valuation Prompts Upgrade at RBC
* Pandora Gets Double Downgrade After ‘Unwarranted’ Rally: SHB
* Kurdistan-Focused Oil Firms DNO, Genel Energy Downgraded by RBC