>>> Europe : Brokers Upgrades & Downgrades - 8th of January 2024

>>> Up
* Amplifon Raised to Overweight at Morgan Stanley; PT 35 euros (+)
* ASML Raised to Buy at Kepler Cheuvreux; PT 770 euros (+)
* Bellway Raised to Overweight at Barclays; PT 3,022 pence
* Chevron Raised to Buy at Jefferies; PT $184
* Crest Nicholson Raised to Overweight at Barclays; PT 258 pence
* Elia Group Raised to Buy at Goldman; PT 135 euros
* Elia Group Raised to Outperform at BNPP Exane
* Elkem Raised to Buy at SpareBank; PT 26 kroner (+)
* Endesa Raised to Buy at Goldman; PT 24.50 euros
* Epiroc Raised to Buy at Pareto Securities; PT 215 kronor (+)
* Galp Cut to Underweight at Morgan Stanley; PT 12.80 euros
* Geberit Raised to Hold at HSBC; PT 481 Swiss francs
* Legal & General Raised to Buy at Berenberg (+)
* Publicis Raised to Outperform at Macquarie
* Redeia Raised to Neutral at Goldman; PT 16 euros
* Scatec Raised to Hold at DNB Markets; PT 70 kroner
* SoftwareONE Raised to Add at Baader Helvea; PT 18 Swiss francs
* Sonova Raised to Overweight at Morgan Stanley (+)
* Temenos Raised to Buy at Jefferies; PT 90 Swiss francs
* Warsaw Stock Exchange Raised to Buy at Wood & Company (+)

>>> Down
* Ashtead Cut to Hold at HSBC; PT 5,250 pence
* Aurubis Cut to Hold at Bankhaus Metzler (+)
* Barratt Cut to Equal-Weight at Barclays; PT 560 pence
* Barry Callebaut Cut to Hold at Kepler Cheuvreux
* Berkeley Cut to Equal-Weight at Barclays; PT 4,812 pence
* Byggfakta Group Nordic Holdco Cut to Hold at Jefferies
* Citigroup Cut to Sell at SocGen; PT $43
* CMC Markets Cut to Add at Numis; PT 130 pence (+)
* Demant Cut to Underweight at Morgan Stanley; PT 255 kroner (+)
* EDP Renovaveis Cut to Neutral at Goldman; PT 19.50 euros
* EDP Renovaveis Cut to Neutral at BNPP Exane
* Equinor Cut to Underweight at Morgan Stanley; PT 264 kroner
* Endesa Cut to Underperform at BNPP Exane
* Fortum Cut to Neutral at Goldman; PT 15.20 euros
* Fractal Gaming Group Cut to Hold at ABG; PT 39 kronor
* Fresenius Medical Care A Cut to Underweight at Morgan Stanley (+)
* Gecina Cut to Underweight at Morgan Stanley; PT 90 euros
* Inmobiliaria Colonial Cut to Underweight at Morgan Stanley
* Kingspan Cut to Hold at HSBC; PT 83 euros
* Konecranes Cut to Hold at SEB Equities; PT 41 euros
* Merlin Properties Cut to Equal-Weight at Morgan Stanley
* Naturgy Cut to Underperform at BNPP Exane
* Prudential Cut to Hold at Daiwa; PT 910 pence
* QT Group Cut to Reduce at Inderes; PT 65 euros
* Rockwool Cut to Hold at HSBC; PT 2,200 kroner
* SEB Cut to Hold at Arctic Securities; PT 148 kronor
* Siemens Healthineers Cut to Hold at Jyske Bank; PT 56.50 euros
* Spectris Cut to Hold at HSBC; PT 4,200 pence
* Sweco Cut to Hold at SEB Equities; PT 130 kronor

>>> Initiation
* Italgas Rated New Outperform at BNPP Exane (+)
* SBE-Varvit-SpA Rated New Buy at Equita; PT 10.10 euros (+)
* Snam Rated New Outperform at BNPP Exane (+)
* Terna Rated New Neutral at BNPP Exane (+)

>>> Call
* IPhone Sales in China to Fall Double Digits, Jefferies Says
* Goldman Sees Potential Upside to Its S&P 500 Earnings Forecast
* Morgan Stanley Sees Stocks Stalling Till Growth Re-Accelerates (+)