>>> Europe : Brokers Upgrades & Downgrades - 16th November 2021

>>> Up
* Barry Callebaut Raised to Overweight at Barclays
* EQS Group Raised to Buy at Baader Helvea; PT 63 euros
* HeidelbergCement Raised to Buy at SocGen; PT 75 euros
* Kering Raised to Buy at HSBC; PT 850 euros
* Marks & Spencer PT Raised to 265 pence at Berenberg
* Scatec Raised to Buy at Fearnley; PT 195 kroner
* Vetropack Raised to Buy at Baader Helvea; PT 90 Swiss francs

>>> Down
* Ahold Delhaize Cut to Hold at Kepler Cheuvreux; PT 31.90 euros
* Airtel Africa Cut to Sell at Meristem Securities
* Credit Suisse Cut to Underweight at JPMorgan
* Disney PT Cut to $210 from $230 at Citi
* Petropavlovsk Cut to Hold at Peel Hunt; PT 25 pence
* Saras Cut to Reduce at AlphaValue/Baader

>>> Initiation
* DX Group Rated New Buy at Panmure Gordon; PT 45 pence
* Ence Rated New Buy at Berenberg; PT 3.80 euros
* Made Tech Group Rated New Buy at Berenberg; PT 170 pence
* Network International Resumed Overweight at Morgan Stanley
* Royal Unibrew Rated New Buy at Berenberg; PT 984 kroner
* Storskogen Group Rated New Neutral at Goldman; PT 44 kronor
* Storskogen Group Rated New Neutral at JPMorgan; PT 51 kronor
* Trainline Gets Buy Rating at Liberum on Favorable Risk-Reward

>>> Call
* Intertek Upgraded to Buy on Underappreciated Upside, Citi Says
* Network International Underappreciated, MS Resumes Overweight
* TT Electronics Gets Clean Sweep of Buys as Jefferies Upgrades

>>> After Hours Summary: AXON +20.2%, PLBY +13.8%, RXT +12.1%, PRCH +9.4% jumpin

After Hours Summary: AXON +20.2%, PLBY +13.8%, RXT +12.1%, PRCH +9.4% jumping on earnings; BODY -21.1%, NRDY -11%, AAP -2.2% fall on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: AXON +20.2%, PLBY +13.8%, RXT +12.1%, PRCH +9.4%, POWW +5.5%, GOEV +3.2%, EDR +3.1%, LCID +2.7%, XL +0.4%

Companies trading higher in after hours in reaction to news: KZR +77.2% (announces interim results from MISSION 2 Phase 2 trial of KZR-616), XM +6.3% (expands relationship with Amazon's AWS), RPRX +5.3% (Berkshire Hathaway (Warren Buffett) discloses updated portfolio positions: New RPRX FND positions), FND +5.1% (Berkshire Hathaway (Warren Buffett) discloses updated portfolio positions: New RPRX FND positions), RKLB +4.6% (to acquire Planetary Systems Corp), TALO +2.3% (TALO and Freeport LNG to develop a carbon capture and sequestration project on Texas Gulf Coast), LFG +1.9% (NWN and LFG sign 21-year renewable natural gas agreement), NWN +1.3% (NWN and LFG sign 21-year renewable natural gas agreement), FTI +1.2% (awarded "large contract" by Exxon Mobil), INTU +1% (names new board chair), EFC +0.6% (reports estimated book value per sh), AMRN +0.5% (reports subgroup data from REDUCE-IT re benefits of VASCEPA/VAZKEPA), KVSA +0.4% (terminates merger agreement with Valo Health), AFL +0.3% (increases dividend), SSYS +0.2% (provides strategic updates and announces partnership with Danish shoe manufacturer ECCO), UVE +0.1% (declares special cash dividend of $0.13/sh), SWX +0.1% (issues statement regarding Icahn director noms), SITE +0.1% (acquires Semco Stone)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: BODY -21.1%, TALK -18.3% (also also announces CEO Oran Frank and Roni Frank to step down), NRDY -11%, DM -7.4%, CMP -7% (also announces new capital allocation strategy; lowers dividend), COOK -4.9%, DNMR -4.4%, IONQ -4%, AAP -2.2%, VWE -0.9% (also acquires ACE Cider), JJSF -0.6%

Companies trading lower in after hours in reaction to news: OPTN -22.6% (stock offering), NEGG -10.4% (files for $300 mln share common stock offering), CLOV -9.3% (stock offering), CERT -7.3% (stock offering), MITT -5.5% (stock offering), DV -5.1% (stock offering), SOFI -4.6% (files for 50 mln share offering by selling shareholders), U -4.4% (convertible notes offering), ATHA -4.4% (files for $300 mln mixed securities shelf offering), DH -4.4% (launches follow-on offering), STEP -3.6% (stock offering), MELI -3.1% (stock offering), SUI -2.9% (to acquire Park Holidays UK for US$1.3 bln; also announces stock offering), RKLY -2.7% (signs new partnership agreements with five global consumer electronics manufacturers), NWE -2.6% (stock offering), APLS -2.5% (stock offering), NCLH -2.5% (stock offering), CUBE -1.9% (to acquire Storage West platform for $1.69 bln; also commences 13.5 mln share offering), EVCM -1.7% (stock offering), GATO -1.5% (files for $500 mln mixed securities shelf offering), MFC -0.8% ( to reinsure over 75% of US variable annuity block to Venerable Holdings), CBOE -0.3% (to acquire Neo, a fintech co), FFIE -0.2% (provides business update), CTOS -0.1% ( selling stockholders affiliated with Blackstone commence offering), DAN -0.1% (Carl Icahn discloses updated portfolio positions; increased DAN position), CPA -0.1% (releases traffic statistics for Oct)

>>> After Hours Summary: AXON +20.2%, PLBY +13.8%, RXT +12.1%, PRCH +9.4% jumpin

After Hours Summary: AXON +20.2%, PLBY +13.8%, RXT +12.1%, PRCH +9.4% jumping on earnings; BODY -21.1%, NRDY -11%, AAP -2.2% fall on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: AXON +20.2%, PLBY +13.8%, RXT +12.1%, PRCH +9.4%, POWW +5.5%, GOEV +3.2%, EDR +3.1%, LCID +2.7%, XL +0.4%

Companies trading higher in after hours in reaction to news: KZR +77.2% (announces interim results from MISSION 2 Phase 2 trial of KZR-616), XM +6.3% (expands relationship with Amazon's AWS), RPRX +5.3% (Berkshire Hathaway (Warren Buffett) discloses updated portfolio positions: New RPRX FND positions), FND +5.1% (Berkshire Hathaway (Warren Buffett) discloses updated portfolio positions: New RPRX FND positions), RKLB +4.6% (to acquire Planetary Systems Corp), TALO +2.3% (TALO and Freeport LNG to develop a carbon capture and sequestration project on Texas Gulf Coast), LFG +1.9% (NWN and LFG sign 21-year renewable natural gas agreement), NWN +1.3% (NWN and LFG sign 21-year renewable natural gas agreement), FTI +1.2% (awarded "large contract" by Exxon Mobil), INTU +1% (names new board chair), EFC +0.6% (reports estimated book value per sh), AMRN +0.5% (reports subgroup data from REDUCE-IT re benefits of VASCEPA/VAZKEPA), KVSA +0.4% (terminates merger agreement with Valo Health), AFL +0.3% (increases dividend), SSYS +0.2% (provides strategic updates and announces partnership with Danish shoe manufacturer ECCO), UVE +0.1% (declares special cash dividend of $0.13/sh), SWX +0.1% (issues statement regarding Icahn director noms), SITE +0.1% (acquires Semco Stone)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: BODY -21.1%, TALK -18.3% (also also announces CEO Oran Frank and Roni Frank to step down), NRDY -11%, DM -7.4%, CMP -7% (also announces new capital allocation strategy; lowers dividend), COOK -4.9%, DNMR -4.4%, IONQ -4%, AAP -2.2%, VWE -0.9% (also acquires ACE Cider), JJSF -0.6%

Companies trading lower in after hours in reaction to news: OPTN -22.6% (stock offering), NEGG -10.4% (files for $300 mln share common stock offering), CLOV -9.3% (stock offering), CERT -7.3% (stock offering), MITT -5.5% (stock offering), DV -5.1% (stock offering), SOFI -4.6% (files for 50 mln share offering by selling shareholders), U -4.4% (convertible notes offering), ATHA -4.4% (files for $300 mln mixed securities shelf offering), DH -4.4% (launches follow-on offering), STEP -3.6% (stock offering), MELI -3.1% (stock offering), SUI -2.9% (to acquire Park Holidays UK for US$1.3 bln; also announces stock offering), RKLY -2.7% (signs new partnership agreements with five global consumer electronics manufacturers), NWE -2.6% (stock offering), APLS -2.5% (stock offering), NCLH -2.5% (stock offering), CUBE -1.9% (to acquire Storage West platform for $1.69 bln; also commences 13.5 mln share offering), EVCM -1.7% (stock offering), GATO -1.5% (files for $500 mln mixed securities shelf offering), MFC -0.8% ( to reinsure over 75% of US variable annuity block to Venerable Holdings), CBOE -0.3% (to acquire Neo, a fintech co), FFIE -0.2% (provides business update), CTOS -0.1% ( selling stockholders affiliated with Blackstone commence offering), DAN -0.1% (Carl Icahn discloses updated portfolio positions; increased DAN position), CPA -0.1% (releases traffic statistics for Oct)

>>> After Hours Summary: AXON +20.2%, PLBY +13.8%, RXT +12.1%, PRCH +9.4% jumpin

After Hours Summary: AXON +20.2%, PLBY +13.8%, RXT +12.1%, PRCH +9.4% jumping on earnings; BODY -21.1%, NRDY -11%, AAP -2.2% fall on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: AXON +20.2%, PLBY +13.8%, RXT +12.1%, PRCH +9.4%, POWW +5.5%, GOEV +3.2%, EDR +3.1%, LCID +2.7%, XL +0.4%

Companies trading higher in after hours in reaction to news: KZR +77.2% (announces interim results from MISSION 2 Phase 2 trial of KZR-616), XM +6.3% (expands relationship with Amazon's AWS), RPRX +5.3% (Berkshire Hathaway (Warren Buffett) discloses updated portfolio positions: New RPRX FND positions), FND +5.1% (Berkshire Hathaway (Warren Buffett) discloses updated portfolio positions: New RPRX FND positions), RKLB +4.6% (to acquire Planetary Systems Corp), TALO +2.3% (TALO and Freeport LNG to develop a carbon capture and sequestration project on Texas Gulf Coast), LFG +1.9% (NWN and LFG sign 21-year renewable natural gas agreement), NWN +1.3% (NWN and LFG sign 21-year renewable natural gas agreement), FTI +1.2% (awarded "large contract" by Exxon Mobil), INTU +1% (names new board chair), EFC +0.6% (reports estimated book value per sh), AMRN +0.5% (reports subgroup data from REDUCE-IT re benefits of VASCEPA/VAZKEPA), KVSA +0.4% (terminates merger agreement with Valo Health), AFL +0.3% (increases dividend), SSYS +0.2% (provides strategic updates and announces partnership with Danish shoe manufacturer ECCO), UVE +0.1% (declares special cash dividend of $0.13/sh), SWX +0.1% (issues statement regarding Icahn director noms), SITE +0.1% (acquires Semco Stone)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: BODY -21.1%, TALK -18.3% (also also announces CEO Oran Frank and Roni Frank to step down), NRDY -11%, DM -7.4%, CMP -7% (also announces new capital allocation strategy; lowers dividend), COOK -4.9%, DNMR -4.4%, IONQ -4%, AAP -2.2%, VWE -0.9% (also acquires ACE Cider), JJSF -0.6%

Companies trading lower in after hours in reaction to news: OPTN -22.6% (stock offering), NEGG -10.4% (files for $300 mln share common stock offering), CLOV -9.3% (stock offering), CERT -7.3% (stock offering), MITT -5.5% (stock offering), DV -5.1% (stock offering), SOFI -4.6% (files for 50 mln share offering by selling shareholders), U -4.4% (convertible notes offering), ATHA -4.4% (files for $300 mln mixed securities shelf offering), DH -4.4% (launches follow-on offering), STEP -3.6% (stock offering), MELI -3.1% (stock offering), SUI -2.9% (to acquire Park Holidays UK for US$1.3 bln; also announces stock offering), RKLY -2.7% (signs new partnership agreements with five global consumer electronics manufacturers), NWE -2.6% (stock offering), APLS -2.5% (stock offering), NCLH -2.5% (stock offering), CUBE -1.9% (to acquire Storage West platform for $1.69 bln; also commences 13.5 mln share offering), EVCM -1.7% (stock offering), GATO -1.5% (files for $500 mln mixed securities shelf offering), MFC -0.8% ( to reinsure over 75% of US variable annuity block to Venerable Holdings), CBOE -0.3% (to acquire Neo, a fintech co), FFIE -0.2% (provides business update), CTOS -0.1% ( selling stockholders affiliated with Blackstone commence offering), DAN -0.1% (Carl Icahn discloses updated portfolio positions; increased DAN position), CPA -0.1% (releases traffic statistics for Oct)

>>> Trian Fund (Nelson Peltz) discloses updated portfolio positions in 13F filin

Trian Fund (Nelson Peltz) discloses updated portfolio positions in 13F filing: Maintains IVZ GE holdings

Highlights from 2021 Q3 filing as compared to Q2 2021:
  • Maintained positions in: IVZ (~36.76 mln shares), GE (~4.03 mln - split adjusted)
  • Decreased positions in: SYY (to ~13.38 mln shares from ~17.88 mln shares), WEN (to ~25.33 mln from ~26.63 mln), CMCSA (to ~19.99 mln from ~20.8 mln), MDLZ (to ~8 mln from ~8.64 mln), PG (to ~5.27 mln from ~5.79 mln)

>>> Baupost Group (Seth Klarman) discloses updated portfolio positions in 13F fi

Baupost Group (Seth Klarman) discloses updated portfolio positions in 13F filing: New JOBY DBX LFG positions

Highlights from 2021 Q3 filing as compared to Q2 2021:
  • New positions in: JOBY (~10 mln shares), DBX (~9.29 mln), LFG (~3.5 mln), OB (~0.79 mln)
  • Increased positions in: TBPH (to ~13.66 mln shares from ~9.91 mln shares), LSXMK (to ~9.08 mln from ~6.48 mln), LSXMA (to ~4.4 mln from ~3.5 mln), SSNC (to ~3.82 mln from ~3.32 mln), VRNT (to ~3.53 mln from ~3.04 mln)
  • Maintained positions in: LBTYK (~53.97 mln shares), DBRG (~22.88 mln shares), VSAT (~16.29 mln shares), ATRA (~8.48 mln shares), FB (~1.55 mln shares), GOOG (~0.29 mln shares), MU (~7.16 mln shares), VRTV (~3.56 mln shares), NXST (~2.05 mln shares)
  • Decreased positions in: PCG (to ~7.22 mln shares from ~30.66 mln shares), EBAY (to ~5.98 mln from ~14.89 mln), INTC (to ~19.74 mln from ~21.74 mln), WLTW (to ~1 mln from ~1.89 mln), IFF (to ~1.24 mln from ~2.1 mln), PSTH (to ~9.55 mln from ~10.09 mln), QRVO (to ~5.08 mln from ~5.33 mln)

>>> Starboard Value (Jeffrey Smith) discloses updated portfolio positions in 13F

Starboard Value (Jeffrey Smith) discloses updated portfolio positions in 13F filing: Confirms new HUN position, Increases EHTH

Highlights from 2021 Q3 filing as compared to Q2 2021:
  • New positions in: CYXT (~16.53 mln shares), HUN (~11.6 mln), ENFA (~0.45 mln), TREB (~0.45 mln), VPCC (~0.45 mln), HCIC (~0.3 mln), CPAR (~0.25 mln), EGGF (~0.25 mln)
  • Increased positions in: AUS (to ~0.5 mln shares from ~0.25 mln shares), MTAC (to ~0.38 mln from ~0.15 mln), LNFA (to ~0.5 mln from ~0.31 mln), FVT (to ~0.35 mln from ~0.19 mln), EHTH (to ~2.05 mln from ~1.9 mln) TWND (to ~0.4 mln from ~0.3 mln), PLMI (to ~0.4 mln from ~0.34 mln) PRPB (to ~0.42 mln from ~0.38 mln), ACAH (to ~0.4 mln from ~0.39 mln)
  • Maintained positions in: NLOK (~16.7 mln shares), ACIW (~8.99 mln shares), ACM (~7.33 mln shares), GCP (~6.54 mln shares), GDOT (~5.29 mln shares), CVLT (~4.08 mln shares), MMSI (~3.54 mln shares), CERN (~3.25 mln shares), MGLN (~2.37 mln shares),
  • Closed positions in: KVSC (from ~0.5 mln shares)
  • Decreased positions in: MD (to ~5.92 mln shares from ~8.45 mln shares), BOX (to ~12.21 mln from ~13.01 mln), PZZA (to ~2.76 mln from ~3.46 mln), IWR (to ~0.03 mln from ~0.49 mln), CTVA (to ~9.19 mln from ~9.58 mln), ON (to ~8.34 mln from ~8.69 mln), ELAN (to ~7.31 mln from ~7.61 mln)

>>> Third Point (Dan Loeb) discloses updated portfolio positions in 13F filing:

Third Point (Dan Loeb) discloses updated portfolio positions in 13F filing: New ALIT LFG MCG positions

Highlights from 2021 Q3 filing as compared to Q2 2021:
  • New positions in: ALIT (~17 mln shares), LFG (~4.27 mln), MCG (~3.75 mln), SMFR (~2.8 mln), ACHR (~2.5 mln), UP (~2.5 mln), ATVI (~2 mln), RKLB (~1.5 mln), CF (~1 mln), OPCH (~0.2 mln)
  • Increased positions in: S (to ~26.71 mln shares from ~25.36 mln shares), AES (to ~3.75 mln from ~2.75 mln), AVTR (to ~10.8 mln from ~10.5 mln), CTLT (to ~1.38 mln from ~1.23 mln), BURL (to ~1.58 mln from ~1.48 mln) ZBH (to ~0.9 mln from ~0.8 mln), UNH (to ~0.68 mln from ~0.6 mln) AMZN (to ~0.19 mln from ~0.15 mln),
  • Maintained positions in: PCG (~81.94 mln shares), EDR (~12.5 mln shares), CSGP (~5.69 mln shares), DIS (~4.15 mln shares), DD (~2.98 mln shares), DHR (~2.87 mln shares), MSFT (~1.6 mln shares), APTV (~1.3 mln shares), IQV (~1.25 mln shares),
  • Closed positions in: SOFI (from ~28.9 mln shares), UBER (from ~8.35 mln), RADI (from ~3.24 mln), JD (from ~2.9 mln), PTON (from ~0.6 mln)
  • Decreased positions in: INTC (to ~9 mln shares from ~14 mln shares), PSFE (to ~39.47 mln from ~41.5 mln), UPST (to ~12.4 mln from ~13.38 mln), GB (to ~8.58 mln from ~9.12 mln), TEL (to ~1.31 mln from ~1.51 mln), V (to ~1.4 mln from ~1.5 mln), EL (to ~1 mln from ~1.1 mln)