>>> US Research Calls I

Research Calls I
  • Upgrades:
    • Celestica (CLS) upgraded to Buy from Hold at Stifel; tgt $58
    • ExlService (EXLS) upgraded to Buy from Hold at Jefferies; tgt raised to $42
    • Fulcrum Therapeutics (FULC) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $10
    • Janus Henderson Group (JHG) upgraded to Neutral from Sell at UBS; tgt raised to $37
    • JetBlue Airways (JBLU) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $6
    • LGI Homes (LGIH) upgraded to Neutral from Underperform at Wedbush; tgt raised to $125
    • MarineMax (HZO) upgraded to Buy from Neutral at Citigroup; tgt raised to $44
    • Nucor (NUE) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $174
    • Steel Dynamics (STLD) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $131
    • Texas Capital (TCBI) upgraded to Buy from Underperform at BofA Securities; tgt raised to $77
    • Thomson Reuters (TRI) upgraded to Outperform from Sector Perform at National Bank Financial
    • Travere Therapeutics (TVTX) upgraded to Buy from Neutral at Guggenheim; tgt $25
    • U.S. Steel (X) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $42
  • Downgrades:
    • BRP Inc. (DOOO) downgraded to Sector Perform from Sector Outperform at Scotiabank
    • Camden Property (CPT) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt $122
    • Church & Dwight (CHD) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt $110
    • Colgate-Palmolive (CL) downgraded to Hold from Buy at Deutsche Bank; tgt raised to $109
    • Consensus Cloud Solutions (CCSI) downgraded to Underweight from Neutral at JP Morgan; tgt raised to $21
    • Fox Corporation (FOXA) downgraded to Neutral from Buy at Seaport Research Partners
    • Huntington Ingalls (HII) downgraded to Neutral from Overweight at JP Morgan; tgt raised to $285
    • Invitation Homes (INVH) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $36
    • Ironwood Pharma (IRWD) initiated with a Market Perform at Leerink Partners; tgt $5
    • National Storage Affiliates (NSA) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
  • Others:
    • Atmos Energy (ATO) initiated with a Buy at Ladenburg Thalmann; tgt $144
    • BBB Foods (TBBB) initiated with a Hold at Jefferies; tgt $33
    • Block (SQ) initiated with a Neutral at New Street; tgt $70
    • Enliven Therapeutics (ELVN) initiated with a Buy at H.C. Wainwright; tgt $37
    • Euroseas (ESEA) initiated with a Buy at Alliance Global Partners; tgt $60
    • Galapagos NV (GLPG) initiated with a Market Perform at Leerink Partners; tgt $24
    • GE HealthCare (GEHC) initiated with a Neutral at JP Morgan; tgt $90
    • Geron (GERN) initiated with an Outperform at Leerink Partners; tgt $7
    • Humacyte (HUMA) initiated with a Buy at EF Hutton; tgt $25
    • Immunic (IMUX) resumed with an Outperform at Leerink Partners; tgt $5
    • Jasper Therapeutics (JSPR) initiated with a Mkt Outperform at JMP Securities; tgt $70
    • Kymera Therapeutics (KYMR) resumed with an Outperform at Leerink Partners; tgt $60
    • Mannkind (MNKD) resumed with an Outperform at Leerink Partners; tgt raised to $8
    • Merchants Bancorp (MBIN) initiated with an Equal-Weight at Morgan Stanley; tgt $54
    • Pliant Therapeutics (PLRX) resumed with an Outperform at Leerink Partners; tgt lowered to $33
    • Protagonist Therapeutics (PTGX) initiated with a Buy at Truist; tgt $60
    • PureTech Health plc (PRTC) resumed with an Outperform at Leerink Partners; tgt lowered to $45
    • Shopify (SHOP) initiated with a Buy at Phillip Securities
    • Southern States Bancshares (SSBK) initiated with an Outperform at Hovde Group
    • Trevi Therapeutics (TRVI) resumed with an Outperform at Leerink Partners; tgt raised to $7
    • Wave Life Sciences (WVE) initiated with an Overweight at JP Morgan; tgt $10

>>> US Gapping down

Gapping down
News:
  • CCCC -18% (to Present Preliminary CFT1946 Monotherapy Phase 1 Clinical Data at the European Society for Medical Oncology (ESMO) Congress 2024)
  • MEOH -12.8% (to acquire OCI Global's International methanol business for $2.05 billion)
  • AVAH -3.7% (files $400 mln mixed shelf securities offering; also files for 54,431,349 shares of common stock offering by selling shareholders)
  • SYRE -3% (files mixed shelf securities offering)
  • MRK -1.8% (reports Ifinatamab Deruxtecan Continues to Demonstrate Promising Objective Response Rates in Patients with Extensive-Stage Small Cell Lung Cancer in IDeate-Lung01 Phase 2 Trial)
  • HCM -1.4% (Highlights Clinical Data to be Presented at ESMO Congress 2024 and the 2024 World Conference of Lung Cancer)
  • AJX -1.3% (files $400 mln mixed shelf securities offering)
  • ONEW -1.2% (files $250 mln Class A common stock offering )
  • CNP -1% (Remains Vigilant and Prepared for Storm Response as Tropical Activity in the Gulf of Mexico Continues to Strengthen)

>>> US Gapping up

Gapping up
News:
  • TERN +34.4% (top-line data from its Phase 1 randomized, double-blind, placebo-controlled single and multiple-ascending dose trial to assess the safety, tolerability, pharmacokinetics and pharmacodynamics of TERN-601)
  • SMMT +30.8% (reports Ivonescimab Monotherapy Reduced the Risk of Disease Progression or Death by 49% Compared to Pembrolizumab Monotherapy in First-Line Treatment of Patients with PD-L1 Positive Advanced NSCLC in China)
  • MGNX +7.1% (Announces TAMARACK Phase 2 Data Presentation at ESMO Congress 2024)
  • PL +6.2% (among companies selected for NASA award)
  • BITF +5% (reschedules special meeting of shareholders; provides update on engagement with Riot)
  • ZH +4.4% (commences tender offers to buy back up to $54.8 million of its class A ordinary shares and American Depositary Shares)
  • IMVT +4.3% (Provides Update on Graves' Disease Development Program)
  • NTRA +4.2% (to Present New Signatera Colorectal Cancer Data at ESMO Showing 10X Advantage in Overall Survival)
  • SVRA +4.1% (New Data from Pivotal Phase 3 IMPALA-2 Trial of Molgramostim Nebulizer Solution (Molgramostim) in Patients with Autoimmune Pulmonary Alveolar Proteinosis (aPAP) Were Presented at the European Respiratory Society (ERS) Congress 2024)
  • RLAY +3.8% (Positive Interim Data for RLY-2608 Demonstrating Clinically Meaningful Progression Free Survival)
  • RILY +3.7% (provides update on strategic and financing initiatives)
  • NUVL +3.4% (provides Updated Data for Nuvalent's ALK-Selective Inhibitor, NVL-655, and ROS1-Selective Inhibitor, Zidesamtinib, Continue to Support Potential Best-in-Class Profiles)
  • RNAC +3.2% (Receives FDA Rare Pediatric Disease Designation for Descartes-08 for the Treatment of Juvenile Dermatomyositis)
  • VSTO +3.1% (issues comments on public communication from MNC Capital)
  • OBE +2.4% (announces strong peace river results and upwardly revised guidance)
  • TLRY +2.2% (Scientific Study on Fibromyalgia With Positive Outcomes: Effectiveness of Cannabinoids Treatment in Pain Management and Other Fibromyalgia-Associated Symptoms)
  • SQSP +2% (Squarespace and Permira announced that they have agreed to amend their previously announced definitive agreement)
  • ACB +1.8% (Aurora Cannabis and Vectura Fertin Pharma, Inc. announce launch of novel Luo CBD lozenge)
  • BNL +1.4% (provides an update on recent business activity and announces participation at the Wells Fargo 13th Annual Net Lease REIT Forum)
  • ZIM +1.4% (announces new operational cooperation with MSC covering the strategic transpacific trade)
  • JOBY +1.3% (files for 3,320,235 shares of common stock offering by selling shareholder)

WSJ : Ubisoft Shares Slump After Investor Urges Assassin’s Creed Maker to Go Pri

Ubisoft Shares Slump After Investor Urges Assassin’s Creed Maker to Go Private
Slovakia-based AJ Investments said it was unsatisfied with the current performance and strategic direction of the company
Shares of Ubisoft UBI -6.05%decrease; red down pointing triangle Entertainment plunged Monday after a minority investor called for the maker of the Assassin’s Creed videogame franchise to go private and install a new management team.

AJ Investments, a hedge fund based in Slovakia that holds less than 1% in Ubisoft, said in a letter to management that it was unsatisfied with the current performance and strategic direction of the company.

Ubisoft has been facing a number of setbacks in recent months. It no longer expects to release “Rainbow Six Mobile” and “The Division Resurgence” in the fiscal year ending in March 2025, saying in July that developers needed extra time to ensure the games meet players’ expectations.

The delays came after the group ceased development of “The Division Heartland,” a decision it made to redeploy resources to bigger releases such as “XDefiant.” Its share price has tumbled more than 50% over the last 12 months. Shares in Paris were down more than 9% on Monday after AJ Investments published its letter to Ubisoft management.

Juraj Krupa, founder and chief executive of AJ Investments, said he wanted the letter to be a wake-up call for other investors. The hedge fund said Ubisoft should go private and urged the founding Guillemot family not to block a sale process. It also called for the installment of a new chief executive willing to weigh the sale of some studios and lay off staff to cut costs.

Ubisoft didn’t respond to a request for comment on the letter.

Five Guillemot brothers founded Ubisoft in 1986 as they saw promise in the up-and-coming world of tech and software development. The company is one of few remaining independent gaming studios that develops immersive games—making it a target for takeovers.

Chief Executive Yves Guillemot led a battle nearly a decade ago to fend off a takeover attempt by French media conglomerate Vivendi. The Guillemot family wields a stake of more than 13% in the group, according to FactSet, more than any other shareholder.

Chinese internet giant Tencent Holdings in 2022 moved to acquire a minority stake in the family holding, though it didn’t get any board seats or veto rights as part of that deal.

Ubisoft managed to remain independent even as a wave of consolidation swept through the videogame industry in 2022, with Take-Two Interactive Software agreeing to buy Zynga, Microsoft buying Activision Blizzard and Sony Group’s videogame unit striking a deal to buy Bungie.

Guillemot said at the time that Ubisoft could stay independent, citing its balance sheet and game portfolio. However, he said that if any offer was received, it would be reviewed with the interests of stakeholders in mind.

Haaretz : Netanyahu Asks Court to Block Airing of His Interrogation in Upcoming

Netanyahu Asks Court to Block Airing of His Interrogation in Upcoming Film
A Jerusalem court rejected the petition shortly after it was filed, and hours before 'The Bibi Files' is scheduled to debut at the Toronto Film Festival

Israeli Prime Minister Benjamin Netanyahu asked a Jerusalem court on Monday to block the airing of footage of the PM being investigated as part of an upcoming documentary, but a judge rejected the petition a few hours later.

In his lawyer's petition to the Jerusalem District Court, Netanyahu's lawyers cited the Israeli law, which prohibits the broadcast of investigation material without the court's permission.
  • Israelis will pay for justice minister's obsession with the judiciary. Even Netanyahu
  • With the world's attention on Gaza, West Bank violence will only intensify
  • Israeli gov't's apocalyptic vision: Turning Gaza into West Bank, and West Bank into Gaza

The petition also claims that one of the movie's producers, Israeli journalist Raviv Drucker, has "publically declared himself as a political opponent of Netanyahu, who wishes the end of his tenure," adding that Drucker's goal is to influence the legal proceedings and infringe on the PM's rights.

The film, which is expected to debut on Monday evening in the Toronto Film Festival, is called "The Bibi Files." It's produced by Oscar-winning documentarian Alex Gibney and directed by Alexis Bloom, and will screen as a work in progress. The filmmakers told Hollywood trade paper Variety they are bringing the film to the festival due to the ongoing war in Gaza and concerns over democracy in Israel.

The recordings of Netanyahu were reportedly made between 2016 and 2018 as part of the police investigation into the prime minister that eventually saw him being charged with bribery, fraud and breach of trust. The recordings were leaked to Gibney last year, Variety said.

The paper noted that the footage includes "extensive interviews with Bibi, his wife Sara, his son Yair, the prime minister's friends and associates, as well as household employees."

Israeli journalists has published transcripts of police interrogations of Netanyahu over the years. Many of them appear in reporting by Haaretz investigative reporter Gidi Weitz, who went over hundreds of thousands of words from years of interrogation sessions in which Netanyahu was asked about everything from his meddling in the media to bottles of champagne.

No footage of the police interrogation has ever been aired in Israel due to privacy laws, and it is unclear if the film will be shown in the country – certainly while Netanyahu's corruption trial continues at Jerusalem District Court.

TechCrunch : European VC Atomico closes $1.24B across two funds for early and gr

European VC Atomico closes $1.24B across two funds for early and growth-stage startups

Image Credits: Jose Sarmento Matos/Bloomberg — Atomico founder Niklas Zennström
As European startups continue to look for signs of sustained market confidence beyond the hype around AI companies, Atomico — one of the region’s more iconic, largest venture capital firms — has raised more money to make investments that might indicate how the market is really moving. The VC has closed new funds totalling $1.24 billion to back early- and growth-stage startups across the region.

London-based Atomico is describing this as its “largest ever fundraise,” although technically it is across two pots of money. “Atomico Venture VI” weighs in at $485 million for mostly Series A-stage companies (with some reserved for seed), and a separate $754 million fund — dubbed “Atomico Growth VI” — is for Series B through pre-IPO.

Raising and allocating money from separate funds is typical of many venture capital firms today, but that Atomico closed two separate funds, led by separate teams, is notable. The firm has historically leaned toward earlier funding rounds while dipping into later stages where it made sense. Now it’s setting itself up to focus just as much on the later stages of a startup’s journey with a dedicated fund.

This move could also point to a trepidation among some in the investor fraternity who are hesitant to put money into fledgling pre-profit companies. By setting things up this way, it becomes easier for Atomico to bring contributions from more risk-averse limited partners (LPs) into the fray by enabling them to channel their cash into tried and tested businesses, rather than backing a single fund that may span anything from seed to Series F.

The news also comes amidst a downturn in the global venture capital sphere, a trend to which Europe has not been impervious.

Among the things on which Atomico has built a reputation is its annual research reports on the state of the European technology ecosystem, which focus on how the venture capital end of the market is faring. Its most recent report made for grim reading, noting that amid an ongoing downturn, European startup funding halved in 2023, driven by factors such as geopolitical events, inflation, and interest rates. It also determined that the market, and investment data, had been skewed by 2021 and 2022 because of the global pandemic

European VC funding last year was actually slightly above pre-pandemic figures. An optimist would interpret that as a sign that the tech market may be on better footing than the darker data might suggest. Q2 2024 data could support that thesis, as would a swathe of new funds from several prominent VC firms in the region. Back in May, Accel announced a fresh $650 million fund for early-stage startups, while more recently Balderton unlocked $1.3 billion across two new funds — $615 million for early-stage, and $685 million for growth-stage.

Falling short
Founded in 2006 by Skype co-founder Niklas Zennström, Atomico launched initially with a $73 million fund, and in the near two decades since it launched a $165 million fund II (2010); $476.6 million fund III (2013); $765 million fund IV (2017); and $820 million fund V (2020).

Atomico’s latest fund surpasses its last by more than 50%. However, according to filings with the Securities and Exchange Commission (SEC) last year, Atomico was seeking $600 million and $750 million respectively for its venture and growth funds. In short, while it surpassed its target on the growth side, Atomico fell short of its venture target by nearly 20%.

On the one hand, it makes more sense for Atomico to allocate more cash to later stage companies given that its portfolio of investments has grown over time. What were once early-stage companies are now in full scale-up mode, requiring more money than ever. On the other hand, falling short of its funding target for earlier-stage startups is indicative that fewer investors are willing to back fledgling companies than Atomico had hoped.

Atomico says that it has already made some 21 investments across both funds, including several from Atomico Growth VI into its portfolio including DeepL, and Pelago, as well as leading on the Series B round of Corti. In the earlier-stage realm, Atomico Venture VI has plowed cash into Neko Health, Ben, Dexory, Deeploi, Strise, and Lakera, dating back to when the fund first opened in early 2022.

WWD : Chanel Is Returning to the Site of Karl Lagerfeld’s Most Spectacular Shows

Chanel Is Returning to the Site of Karl Lagerfeld’s Most Spectacular Shows
The French fashion house is marking its comeback to the Grand Palais with a pledge to contribute 30 million euros to the venue's cultural events.

PARIS — Chanel is returning to the Grand Palais after a four-year break for renovations, with a ready-to-wear show scheduled for Oct. 1 and a fresh commitment to support future cultural events at the storied Paris landmark.

The French fashion house will contribute 30 million euros over the next five years to the budget of the cultural institution, in exchange for retaining the exclusive right to use the nave of the glass-and-steel structure for its fashion shows, Bruno Pavlovsky, president of fashion and president of Chanel SAS, told WWD.

The show during Paris Fashion Week will mark the official public reopening of the Grand Palais following the Paris Olympic and Paralympic Games, kicking off a season that will include the Art Basel Paris fair in October and an exhibition of monumental installations by Japanese artist Chiharu Shiota in December.

Chanel, which is searching for a new artistic director following the departure of Virginie Viard in June, started showing at the Grand Palais in 2005 under Karl Lagerfeld, who transformed the space with props that included a fake iceberg, a reproduction of the Eiffel Tower and a supermarket with shelves stocked with Chanel-branded goods.

In recent years Viard had veered toward more minimalist sets, and it remains to be seen how Chanel will mark its grand return, and how her successor will work with the imposing venue. For now, Pavlovsky is focused on the logistics of next month’s event.

“I hope we will occupy the nave with the right degree of audacity, because it’s important, but at the same time without trying to compete with Karl’s extraordinary work. We’ll aim to strike the right tone for today, and the eventual arrival of a new artistic director will no doubt impact the way we use the Grand Palais,” he said.

Pavlovsky declined to comment on the rumored names doing the rounds of Viards’ potential successors and said he could not confirm a time frame for hiring a replacement.

“Things are progressing well on our side,” he said. “We will take the time necessary to make the right choice and to meet the needs of the house. The most encouraging thing, I would say, is that there are a lot of brilliant people out there.”

While the executive is eager to get a new creative head on board rapidly, he noted it was a complex process. “There are lots of restrictions of all kinds,” he said, citing contractual obligations, among others. “Therefore I have absolutely no idea when we’re going to make an announcement.”

Considering Lagerfeld held the post for 36 years, and Viard also logged more than three decades at the house, Chanel is taking a long-term view. “The idea is to recreate the conditions for another long-lasting relationship,” Pavlovsky said.

A Museum Bigger Than Versailles
Chanel’s commitment to cultural institutions will continue to be a central element of its strategy. Through the Chanel Culture Fund, it supports emerging artists and forges partnerships with international museums and institutions, in keeping with founder Gabrielle “Coco” Chanel’s well-known role in supporting the arts.

Its alliance with the Grand Palais is one of several major investments by Chanel in the French capital, alongside its support for the Palais Galliera, the city’s fashion museum, and the Paris Opera.

Chanel initially announced in 2018 that it would contribute 25 million euros as the exclusive private sponsor of the renovation of the Grand Palais, which started in 2021 and is expected to be completed within the next three years.

In a joint interview with Didier Fusillier, who took over as president of the Grand Palais a year ago, Pavlovsky said the second tranche of financing would help fund the 2024-28 artistic and cultural program at the sprawling site, which sits between the Seine river and the Avenue des Champs-Élysées.

Planned events range from marquee exhibitions staged in tandem with major museums, such as the Centre Pompidou, the Louvre and the Musée d’Orsay, to large-scale concerts and popular initiatives, like a temporary ice rink.

“It’s going to become one of the most exciting places in Paris in terms of culture,” Pavlovsky said.

Private partnerships are key, since the French state provides only 17 percent of the venue’s annual budget, Fusillier said. With a surface of 775,000 square feet and 20 galleries to fill, he has ambitious plans for the Grand Palais and its surrounding 81-acre park.

“You have to realize that the Grand Palais is bigger than the Palace of Versailles,” he said. “There were a lot of spaces that were not open. With the renovation, we’ll be able to use the full volume of the venue. That will be a big shock for the public.”

Potential Synergies
Faced with delays in the 485-million-euro renovation project, Fusillier pulled out the stops to deliver the central nave in time for the Games.

He was rewarded with glowing press coverage, as the Grand Palais acted not just as a spectacular venue for fencing and tae kwon do competitions, but as a backdrop for outdoor sports like triathlon and cycling — not to mention Axelle Saint-Cirel’s moving rooftop performance of the French national anthem during the rain-soaked opening ceremony.

For spectators, the experience indoors was unprecedented as the city exceptionally allowed two 5,200-seat bleachers to be set up inside the building, originally built for the Universal Exhibition of 1900.

“At the top, you were not far from the glass roof. It was unbelievable to be up there,” he recalled, adding that the structure also makes sound reverberate in a unique way, meaning the roars of the crowd could be heard from the Champs-Élysées.


It will be a quick turnaround between the end of the Paralympic Games and the Chanel show. “It’s super tight, but that’s the nature of the location,” Pavlovsky said. “It’s magical to be able to do this right after the Olympic Games.”

A few days after fashion week winds down, the Grand Palais is set to host a summit of French-speaking nations with dozens of heads of state. “I don’t know many spaces that are that versatile,” Pavlovsky commented.

Underlining the strategic importance of the venue, French President Emmanuel Macron attended a ceremony in April unveiling a plaque near the main entrance engraved with the name of Gabrielle Chanel.

While Pavlovsky insisted that the company would have no sway over the programming of the Grand Palais, the potential for synergies is evident.

Fusillier said he was in talks with Alexander Neef, director of the Paris Opera, about staging large-scale works such as “The Damnation of Faust” or “St. Francis of Assisi.” Meanwhile, the Galliera is one of several museums that will take part in an Indian-themed exhibition planned for 2028.

Pavlovsky said Chanel would be flexible in working around the Grand Palais schedule. For example, it already knows it won’t be able to stage its July 2025 haute couture collection in the nave due to conflicting events.

As major patron of the Grand Palais, the house plans to expand its involvement in the venue’s activities. Studio MTX, the interior design department of the Chanel-owned embroidery workshop Montex, will design a monumental curtain to make the new spaces within the building adaptable to a wide variety of events.

Starting in November, the curtain will be embroidered during workshops open to the general public, to be held at La Galerie du 19M, the exhibition space attached to Chanel’s craftsmanship hub on the outskirts of Paris.

“We’ll be involved in a number of ways, and why not one day sponsor an exhibition?” Pavlovsky said. “Our partnership makes anything possible.”

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • SMMT +49.2%, SVRA +9.5%, MGNX +7.1%, BITF +5%, IMVT +4.6%, PL +4.5%, ZH +4.4%, NUVL +3.4%, NTRA +3.1%, VSTO +1.9%, JOBY +1.5%, WYNN +1.4%, BNL +1.4%, PANW +0.9%
  • Gapping down:
    • CCCC -17%, MEOH -6.3%, MRK -4.5%, AVAH -3.7%, SYRE -3%, HCM -1.4%, AJX -1.3%, ONEW -1.2%, CNP -1%

>>> Europe : Brokers Upgrades & Downgrades - 9th of September 2024 V3(++)

>>> Up
* Alior Raised to Neutral at Citi; PT 96.70 zloty
* Assa Abloy Raised to Buy at Danske Bank Markets (+)
* Azelis Raised to Overweight at Morgan Stanley; PT 22.30 euros
* Euronext PT Raised to 125 euros from 105 euros at Jefferies
* IMCD Raised to Equal-Weight at Morgan Stanley; PT 141 euros
* ING Slaski Raised to Buy at Citi; PT 303 zloty
* MBank Raised to Buy at Citi; PT 784 zloty
* Nucor Raised to Overweight at JPMorgan; PT $174
* Pekao Raised to Buy at Citi; PT 175 zloty
* Rightmove Raised to Hold at Jefferies; PT 720 pence
* SoftwareONE Raised to Buy at Baader Helvea (+)
* Steel Dynamics Raised to Neutral at JPMorgan; PT $131
* SUSS MicroTec Raised to Buy at Hauck & Aufhaeuser (+)
* Ubisoft Cut to Neutral at Cantor; PT 17.60 euros
* U.S. Steel Raised to Overweight at JPMorgan; PT $42
* Viafin Service Raised to Accumulate at Inderes; PT 18.50 euros

>>> Down
* Adidas Cut to Equal-Weight at Barclays; PT 215 euros
* Colgate-Palmolive Cut to Hold at Deutsche Bank (+)
* IVS Group Cut to Reduce at Equita; PT 7.15 euros (+)
* Kering Cut to Sector Perform at RBC; PT 290 euros
* Kering Cut to Underweight at Barclays; PT 210 euros
* Kion Cut to Neutral at Citi; PT 37 euros
* Nestle Cut to Equal-Weight at Barclays; PT 92 Swiss francs (+)
* Pernod Ricard Cut to Sell at Deutsche Bank; PT 106 euros (+)
* Remy Cointreau Cut to Hold at Deutsche Bank (+)
* Subsea 7 Cut to Neutral at BNPP Exane; PT 215 kroner (+)
* Tecnotree Cut to Sell at Inderes; PT 3 euros
* Volvo Cut to Hold at Danske Bank Markets (+)

>>> Initiation
* Galapagos Rated New Market Perform at Leerink; PT 24 euros (++)
* Natac Natural Ingredients Rated New Outperform at Renta 4 (++)
* Viscofan Re-Initiated Buy at Berenberg; PT 76 euros

>>> Call
* JPMorgan Strategists Prefer Defensive Stocks as Bond Yields Fall (++)
* Kering Cut to Sector Perform at RBC on Tougher Luxury Outlook
* Kion Cut at Citi on Growth Outlook, Kone Among Top Sector Picks
* Pernod Added to Jefferies’ Franchise Picks, Time to Buy Spirits
* Rightmove Upgraded at Jefferies on Potential Bid From REA Group
* UniCredit, Barclays Added to JPMorgan Top European Banks Picks (+)
* Viscofan Offers Best-in-Class Margins, Berenberg Rates at Buy