>>> Europe : Brokers Upgrades & Downgrades - 9th of July 2021

>>> Up
* Brenntag Raised to Hold at DZ Bank; PT 77 euros
* Bunzl Raised to Buy at Berenberg; PT 2,750 pence
* Deutsche Bank Raised to Sector Perform at RBC; PT 11 euros
* Komax PT Raised to 290 Swiss francs at Bank Vontobel
* LVMH Raised to Buy at Stifel; PT 730 euros
* NRC Raised to Buy at Arctic Securities; PT 20 kroner
* OCI Raised to Neutral at JPMorgan; PT 19 euros
* SCA Raised to Hold at Pareto Securities; PT 138 kronor
* Synthomer Raised to Buy at Peel Hunt; PT 600 pence
* Vallourec Raised to Outperform at Oddo BHF; PT 11 euros

>>> Down
* Philips Cut to Hold at LBBW; PT 40 euros
* Sensirion Cut to Hold at Research Partners; PT 80 Swiss francs

>>> Initiation
* Calida Rated New Buy at Research Partners; PT 45 Swiss francs
* NFON AG Rated New Equal-Weight at Barclays; PT 18 euros
* PolyPeptide Group Rated New Buy at Octavian; PT 105 Swiss francs
* UCB Rated New Buy at SocGen; PT 115 euros

>>> Call
* Bunzl Underperformance Has ‘Run Its Course,’ Berenberg Upgrades
* Deutsche Bank Upgraded on Improving ESG Credentials, RBC Says