USA ja Kanada
* Upgrades
** Acadia Pharma (ACAD) Raised to Overweight at Morgan Stanley
** AIG (AIG) Raised to Outperform at BMO; PT $83
** Amgen (AMGN) Raised to Outperform at BMO; PT $326
** Amicus (FOLD) Raised to Overweight at Morgan Stanley
** Arvinas (ARVN) Raised to Overweight at Wells Fargo; PT $63
** Invivyd Inc (IVVD) Raised to Equal-Weight at Morgan Stanley
** Itron (ITRI) Raised to Overweight at Piper Sandler; PT $91
** Rhythm Pharma (RYTM) Raised to Overweight at Morgan Stanley
** Rockwell Automation (ROK) Raised to Overweight at Wells Fargo; PT $357
** Sunnova Energy (NOVA) Raised to Overweight at Piper Sandler; PT $26
** Sunrun (RUN) Raised to Overweight at Piper Sandler; PT $31
** Wave Life Sciences (WVE) Raised to Outperform at Leerink; PT $12
* Downgrades
** Alteryx (AYX) Cut to Market Perform at Cowen; PT $48.25
*** Cut to Neutral at Rosenblatt Securities Inc; PT $48.25
** Array (ARRY) Cut to Neutral at Piper Sandler; PT $22
** Banco de Chile (CHILE CI) ADRs Cut to Hold at HSBC; PT $22.90
** Disc Medicine Inc (IRON) Cut to Equal-Weight at Morgan Stanley
** Gerdau (GGBR4 BZ) ADRs Cut to Market Perform at Itau BBA; PT $5.30
** Kymera (KYMR) Cut to Equal-Weight at Wells Fargo; PT $26
** Magna Intl (MG CN) Cut to Neutral at CIBC; PT C$84.36
** Masonite (DOOR) Cut to Neutral at Baird; PT $92
** PepsiCo (PEP) Cut to Neutral at JPMorgan; PT $176
** Plug Power (PLUG) Cut to Underweight at Piper Sandler; PT $2.30
** Prelude Therapeutics (PRLD) Cut to Underweight at Morgan Stanley
** PTC Therapeutics (PTCT) Cut to Underweight at Morgan Stanley
** Santander Chile (BSAN CI) ADRs Cut to Hold at HSBC; PT $20.20
** SiteOne Landscape (SITE) Cut to Hold at Stifel; PT $167
** SolarEdge (SEDG) Cut to Neutral at Piper Sandler; PT $105
** uniQure NV (QURE) Cut to Neutral at Mizuho Securities; PT $10
** Vertex Energy (VTNR) Cut to Hold at Stifel; PT $4
** Vigil Neuroscience (VIGL) Cut to Underweight at Morgan Stanley
** Zurn Elkay Water (ZWS) Cut to Hold at Stifel; PT $31
* Initiations
** Apollo Global (APO) Reinstated Buy at William O'Neil
** Arcellx (ACLX) Rated New Sector Outperform at Scotiabank; PT $66
** Bark (BARK) Reinstated Hold at Jefferies; PT $1.34
** Bruker Corp (BRKR) Reinstated Equal-Weight at Wells Fargo; PT $72
** Chewy (CHWY) Reinstated Buy at Jefferies; PT $27
** Comstock Resources (CRK) Rated New Hold at SWS; PT $10
** Ecarx Holdings (ECX) Rated New Buy at China Investment Securities
** Elanco Animal Health (ELAN) Rated New Buy at Jefferies; PT $17
** Equifax (EFX) Rated New Outperform at Oppenheimer; PT $273
** Exelixis (EXEL) Rated New Buy at BTIG; PT $27
** Freshpet (FRPT) Reinstated Hold at Jefferies; PT $80
** GFL Environmental (GFL CN) Reinstated Buy at Stifel; PT C$60
** Gulfport Energy (GPOR) Rated New Buy at SWS; PT $200
** Immunome (IMNM) Rated New Outperform at Wedbush; PT $12
** Kinetik (KNTK) Resumed Neutral at Citi; PT $35
** Myriad Genetics (MYGN) Reinstated Equal-Weight at Wells Fargo; PT $20
** Netflix (NFLX) Reinstated Buy at William O'Neil
** NEXTracker (NXT) Rated New Overweight at Piper Sandler; PT $60
** Patterson-UTI (PTEN) Reinstated Neutral at Goldman; PT $12
** Petco (WOOF) Reinstated Hold at Jefferies; PT $3.11
** PetIQ (PETQ) Reinstated Buy at Jefferies; PT $22
** Pool Corp (POOL) Rated New Equal-Weight at Wells Fargo; PT $400
** Ree Automotive (REE) Rated New Buy at HC Wainwright; PT $15
** Revvity Inc (RVTY) Rated New Equal-Weight at Wells Fargo; PT $95
** Shift4 Payments (FOUR) Reinstated Buy at William O'Neil
** SouthState Corp (SSB) Reinstated Equal-Weight at Stephens; PT $78
** Synovus (SNV) Reinstated Equal-Weight at Stephens; PT $40
** TransUnion (TRU) Rated New Outperform at Oppenheimer; PT $81
** Yum China (YUMC) Reinstated Buy at Deutsche Bank; PT $58
20. detsember Euroopas
Upgrades
* DocMorris AG Raised to Buy at Deutsche Bank; PT 102 Swiss francs
* Helleniq Energy Raised to Buy at Wood & Company; PT 8.67 euros
* Intertek Raised to Outperform at BNPP Exane; PT 5,000 pence
* Raiffeisen Raised to Buy at Citi; PT 21 euros
* VAT Raised to Add at Baader Helvea; PT 444 Swiss francs
Downgrades
* Argenx Cut to Accumulate at KBC Securities
* Cargotec Cut to Accumulate at Inderes; PT 57 euros
* Inficon Cut to Reduce at Baader Helvea; PT 1,180 Swiss francs
* Kering Cut to Neutral at Bryan Garnier; PT 445 euros
* Resurs Holding Cut to Sell at SEB Equities; PT 24 kronor
* Salvatore Ferragamo Cut to Sell at Bryan Garnier; PT 9.50 euros
* Verbund Cut to Equal-Weight at Barclays; PT 80 euros
* Verbund Cut to Hold at Stifel; PT 88 euros
Initiations
* Epiroc Resumed Neutral at Citi; PT 205 kronor
* Kuehne + Nagel Rated New Market Perform at Cowen
* Norconsult Rated New Buy at Carnegie; PT 30 kroner
* Norconsult Rated New Buy at Nordea; PT 28 kroner
* SIG Group Rated New Market Perform at ZKB
* Sobi Reinstated Buy at William O’Neil
Upgrades
* DocMorris AG Raised to Buy at Deutsche Bank; PT 102 Swiss francs
* Helleniq Energy Raised to Buy at Wood & Company; PT 8.67 euros
* Intertek Raised to Outperform at BNPP Exane; PT 5,000 pence
* Raiffeisen Raised to Buy at Citi; PT 21 euros
* VAT Raised to Add at Baader Helvea; PT 444 Swiss francs
Downgrades
* Argenx Cut to Accumulate at KBC Securities
* Cargotec Cut to Accumulate at Inderes; PT 57 euros
* Inficon Cut to Reduce at Baader Helvea; PT 1,180 Swiss francs
* Kering Cut to Neutral at Bryan Garnier; PT 445 euros
* Resurs Holding Cut to Sell at SEB Equities; PT 24 kronor
* Salvatore Ferragamo Cut to Sell at Bryan Garnier; PT 9.50 euros
* Verbund Cut to Equal-Weight at Barclays; PT 80 euros
* Verbund Cut to Hold at Stifel; PT 88 euros
Initiations
* Epiroc Resumed Neutral at Citi; PT 205 kronor
* Kuehne + Nagel Rated New Market Perform at Cowen
* Norconsult Rated New Buy at Carnegie; PT 30 kroner
* Norconsult Rated New Buy at Nordea; PT 28 kroner
* SIG Group Rated New Market Perform at ZKB
* Sobi Reinstated Buy at William O’Neil
2. jaanuar Euroopas
Upgrades
* EasyJet Raised to Neutral at Citi; PT 560 pence
* Marks & Spencer Raised to Outperform at BNPP Exane
Downgrades
* Boohoo Cut to Underperform at BNPP Exane
* Lufthansa Cut to Sell at Citi; PT 6.60 euros
Initiation
* Symrise Rated New Overweight at Guotai Junan Sec
Upgrades
* EasyJet Raised to Neutral at Citi; PT 560 pence
* Marks & Spencer Raised to Outperform at BNPP Exane
Downgrades
* Boohoo Cut to Underperform at BNPP Exane
* Lufthansa Cut to Sell at Citi; PT 6.60 euros
Initiation
* Symrise Rated New Overweight at Guotai Junan Sec
3. jaanuar Euroopas
Upgrades
* GSK Raised to Buy at Jefferies; PT 1,900 pence
* Maersk Raised to Neutral at Goldman
* Nexstim Raised to Accumulate at Inderes; PT 3 euros
* Topdanmark Raised to Hold at Jefferies; PT 300 kroner
* Viaplay Raised to Hold at Jefferies; PT 6 kronor
Downgrades
* Ashmore Cut to Sell at Numis; PT 170 pence
* AstraZeneca Cut to Hold at Jefferies; PT 11,000 pence
* Boliden Cut to Sell at Jyske Bank; PT 300 kronor
* Burberry Cut to Hold at Stifel; PT 1,550 pence
* Howden Joinery Cut to Hold at Investec; PT 845 pence
* Roche Cut to Peerperform at Wolfe
* Toivo Group Cut to Reduce at Inderes; PT 1.30 euros
Initiations
* AUTO1 Rated New Underweight at Morgan Stanley; PT 4.60 euros
* Cranswick Reinstated Overweight at Barclays; PT 4,580 pence
* Datron Reinstated Buy at GSC Research; PT 13 euros
* Greencore Group Reinstated Equal-Weight at Barclays
* Premier Foods Rated New Equal-Weight at Barclays; PT 140 pence
* Trifork Holding Rated New Buy at SEB Equities; PT 148 kroner
Upgrades
* GSK Raised to Buy at Jefferies; PT 1,900 pence
* Maersk Raised to Neutral at Goldman
* Nexstim Raised to Accumulate at Inderes; PT 3 euros
* Topdanmark Raised to Hold at Jefferies; PT 300 kroner
* Viaplay Raised to Hold at Jefferies; PT 6 kronor
Downgrades
* Ashmore Cut to Sell at Numis; PT 170 pence
* AstraZeneca Cut to Hold at Jefferies; PT 11,000 pence
* Boliden Cut to Sell at Jyske Bank; PT 300 kronor
* Burberry Cut to Hold at Stifel; PT 1,550 pence
* Howden Joinery Cut to Hold at Investec; PT 845 pence
* Roche Cut to Peerperform at Wolfe
* Toivo Group Cut to Reduce at Inderes; PT 1.30 euros
Initiations
* AUTO1 Rated New Underweight at Morgan Stanley; PT 4.60 euros
* Cranswick Reinstated Overweight at Barclays; PT 4,580 pence
* Datron Reinstated Buy at GSC Research; PT 13 euros
* Greencore Group Reinstated Equal-Weight at Barclays
* Premier Foods Rated New Equal-Weight at Barclays; PT 140 pence
* Trifork Holding Rated New Buy at SEB Equities; PT 148 kroner
4. jaanuar Euroopas
Upgrades
* Endesa Raised to Buy at SocGen; PT 23.80 euros
* Generali Raised to Equal-Weight at Morgan Stanley
* Grifols Raised to Overweight at Barclays; PT 18 euros
* Maersk Raised to Neutral at BofA; PT 15,100 kroner
* Nexity Raised to Buy at TP ICAP Midcap; PT 22 euro
Downgrades
* BE Semiconductor Cut to Neutral at UBS
* Capricorn Energy Cut to Hold at Jefferies; PT 160 pence
* EnQuest Cut to Hold at Jefferies; PT 14 pence
* Forterra Cut to Neutral at Citi; PT 170 pence
* Geberit Cut to Neutral at Goldman; PT 548 Swiss francs
* ING Cut to Neutral at BofA; PT 16.40 euros
* MTG Cut to Hold at ABG; PT 90 kronor
* Maersk Cut to Neutral at JPMorgan; PT 14,400 kroner
* Man Group Cut to Hold at Panmure Gordon; PT 320 pence
* Next Cut to Hold at Liberum
* Pharos Energy Cut to Hold at Jefferies; PT 24 pence
* Sartorius Cut to Hold at Deutsche Bank; PT 315 euros
* Tenaris Cut to Hold at Jefferies; PT 18 euros
* Tullow Cut to Underperform at Jefferies; PT 27 pence
* Wacker Chemie Cut to Hold at Stifel; PT 122 euros
* Worldline Cut to Equal-Weight at Barclays; PT 14.20 euros
* Zurich Ins. Cut to Underweight at Morgan Stanley
Initiations
* Aixtron Rated New Sell at UBS
* Darktrace Rated New Hold at Investec; PT 375 pence
* Electrolux Re-Initiated Underweight at Barclays; PT 92 kronor
* Elis Rated New Buy at Redburn; PT 26.80 euros
* Fluidra Rated New Overweight at Barclays; PT 23.20 euros
* HomeToGo Rated New Buy at Stifel; PT 4.60 euros
* Medincell Rated New Buy at Jefferies; PT 12 euros
* Rational Rated New Overweight at Barclays; PT 776 euros
* Volex Rated New Buy at Berenberg; PT 400 pence
* Yangtze Power GDRs Rated New Buy at HSBC; PT $46.66
Upgrades
* Endesa Raised to Buy at SocGen; PT 23.80 euros
* Generali Raised to Equal-Weight at Morgan Stanley
* Grifols Raised to Overweight at Barclays; PT 18 euros
* Maersk Raised to Neutral at BofA; PT 15,100 kroner
* Nexity Raised to Buy at TP ICAP Midcap; PT 22 euro
Downgrades
* BE Semiconductor Cut to Neutral at UBS
* Capricorn Energy Cut to Hold at Jefferies; PT 160 pence
* EnQuest Cut to Hold at Jefferies; PT 14 pence
* Forterra Cut to Neutral at Citi; PT 170 pence
* Geberit Cut to Neutral at Goldman; PT 548 Swiss francs
* ING Cut to Neutral at BofA; PT 16.40 euros
* MTG Cut to Hold at ABG; PT 90 kronor
* Maersk Cut to Neutral at JPMorgan; PT 14,400 kroner
* Man Group Cut to Hold at Panmure Gordon; PT 320 pence
* Next Cut to Hold at Liberum
* Pharos Energy Cut to Hold at Jefferies; PT 24 pence
* Sartorius Cut to Hold at Deutsche Bank; PT 315 euros
* Tenaris Cut to Hold at Jefferies; PT 18 euros
* Tullow Cut to Underperform at Jefferies; PT 27 pence
* Wacker Chemie Cut to Hold at Stifel; PT 122 euros
* Worldline Cut to Equal-Weight at Barclays; PT 14.20 euros
* Zurich Ins. Cut to Underweight at Morgan Stanley
Initiations
* Aixtron Rated New Sell at UBS
* Darktrace Rated New Hold at Investec; PT 375 pence
* Electrolux Re-Initiated Underweight at Barclays; PT 92 kronor
* Elis Rated New Buy at Redburn; PT 26.80 euros
* Fluidra Rated New Overweight at Barclays; PT 23.20 euros
* HomeToGo Rated New Buy at Stifel; PT 4.60 euros
* Medincell Rated New Buy at Jefferies; PT 12 euros
* Rational Rated New Overweight at Barclays; PT 776 euros
* Volex Rated New Buy at Berenberg; PT 400 pence
* Yangtze Power GDRs Rated New Buy at HSBC; PT $46.66
USA ja Kanada
* Upgrades
** Allstate (ALL) Raised to Overweight at Morgan Stanley; PT $171
** American Express (AXP) Raised to Overweight at JPMorgan; PT $205
** Armstrong World (AWI) Raised to Neutral at UBS
** Cognizant (CTSH) Raised to Peerperform at Wolfe
** Comerica (CMA) Raised to Buy at Goldman; PT $70.50
** Con Edison (ED) Raised to Sector Weight at KeyBanc
** Dollar General (DG) Raised to Overweight at Barclays; PT $154
** Emerson Electric (EMR) Raised to Buy at Mizuho Securities; PT $118
** Epam Systems (EPAM) Raised to Outperform at Wolfe; PT $355
** Ferguson (FERG) Raised to Overweight at Wells Fargo; PT $210
** Fox Corp (FOXA) Raised to Peerperform at Wolfe
** General Motors (GM) Raised to Outperform at Wolfe
** Home Depot (HD) Raised to Overweight at Barclays; PT $372
** Intercorp Finl (IFS) Raised to Outperform at Itau BBA; PT $26
** Merck & Co (MRK) Raised to Outperform at Cowen; PT $135
** Micron (MU) Raised to Overweight at Piper Sandler; PT $95
** Murphy USA (MUSA) Raised to Buy at Jefferies; PT $425
** Power of Canada (POW CN) Raised to Outperform at RBC; PT C$45
** Principal Financial (PFG) Raised to Inline at Evercore ISI
** PTC Inc. (PTC) Raised to Overweight at JPMorgan; PT $200
** Sprouts Farmers (SFM) Raised to Inline at Evercore ISI; PT $45
** Tal Education (TAL) ADRs Raised to Buy at BofA; PT $15.70
** Verizon (VZ) Raised to Outperform at Wolfe; PT $46
** Xylem (XYL) Raised to Market Perform at Raymond James
* Downgrades
** Aflac (AFL) Cut to Underperform at Evercore ISI
** Akoustis Technologies (AKTS) Cut to Neutral at Piper Sandler; PT $1
** American Express (AXP) Cut to Sell at DZ Bank; PT $157
** Ameriprise (AMP) Cut to Inline at Evercore ISI
** Apple (AAPL) Cut to Neutral at Piper Sandler; PT $205
** Autoliv (ALV) Cut to Peerperform at Wolfe
** Bath & Body Works (BBWI) Cut to Equal-Weight at Barclays; PT $45
** Bird Construction (BDT CN) Cut to Sector Perform at National Bank
** BJ's Wholesale (BJ) Cut to Equal-Weight at Wells Fargo; PT $70
** Brunswick (BC) Cut to Market Perform at Raymond James
** Builders FirstSource (BLDR) Cut to Hold at Truist Secs
** Capital One (COF) Cut to Neutral at JPMorgan; PT $131
** Clarus (CLAR) Cut to Hold at Jefferies; PT $7
** CNO Financial (CNO) Cut to Underperform at Evercore ISI; PT $26
** Collegium (COLL) Cut to Hold at Jefferies; PT $37
** Enphase Energy (ENPH) Cut to Sector Weight at KeyBanc
** First Watch Restaurant (FWRG) Cut to Hold at Stifel; PT $20
** Five Below (FIVE) Cut to Equal-Weight at Wells Fargo; PT $215
** Floor & Decor (FND) Cut to Equal-Weight at Wells Fargo; PT $105
** Guess (GES) Cut to Hold at Jefferies; PT $24
** Illumina (ILMN) Cut to Market Perform at Cowen; PT $144
** Installed Building (IBP) Cut to Hold at Truist Secs
** Intact Financial (IFC CN) Cut to Sector Perform at RBC; PT C$228
** International Game (IGT) Cut to Hold at Jefferies; PT $29
** Itron (ITRI) Cut to Market Perform at Raymond James
** Macom (MTSI) Cut to Neutral at Piper Sandler; PT $85
** Mattel (MAT) Cut to Neutral at Roth MKM; PT $20
** Microchip (MCHP) Cut to Neutral at Piper Sandler; PT $80
** Mobileye (MBLY) Cut to Peerperform at Wolfe
** Northwestern (NWE) Cut to Sector Weight at KeyBanc
** Papa John's (PZZA) Cut to Sell at Stifel; PT $65
** PayPal (PYPL) Cut to Market Perform at Oppenheimer
** Pfizer (PFE) Cut to Market Perform at Cowen; PT $32
** PulteGroup (PHM) Cut to Neutral at UBS
** Qorvo (QRVO) Cut to Neutral at Piper Sandler; PT $120
** RealReal (REAL) Cut to Neutral at Baird; PT $2.75
** Revolve Group (RVLV) Cut to Neutral at Baird; PT $17
*** Cut to Hold at Jefferies; PT $17
** Rivian (RIVN) Cut to Peerperform at Wolfe
** Rocket Cos. (RKT) Cut to Underweight at JPMorgan; PT $10.50
** Roper (ROP) Cut to Market Perform at Cowen; PT $535
** Skyworks (SWKS) Cut to Neutral at Piper Sandler; PT $90
** SLM (SLM) Cut to Neutral at JPMorgan; PT $20
** Steven Madden (SHOO) Cut to Hold at Jefferies; PT $40
** SunPower (SPWR) Cut to Market Perform at Raymond James
** Sunrun (RUN) Cut to Sector Weight at KeyBanc
** TDCX (TDCX) ADRs Cut to Hold at HSBC; PT $6.60
** Telus (T CN) Cut to Neutral at JPMorgan; PT C$26
** Tenaris (TEN IM) ADRs Cut to Hold at Jefferies; PT $39.60
** TopBuild (BLD) Cut to Hold at Truist Secs
** UniFirst (UNF) Cut to Neutral at Baird; PT $185
** United Natural (UNFI) Cut to Underweight at Wells Fargo; PT $15
** Visteon (VC) Cut to Peerperform at Wolfe
** Western Union (WU) Cut to Underperform at Wolfe; PT $13
** YETI Holdings (YETI) Cut to Hold at Canaccord; PT $50
** Yum (YUM) Cut to Hold at Stifel; PT $135
* Initiations
** AN2 Therapeutics (ANTX) Rated New Market Outperform at JMP; PT $30
** Atex Resources Inc (ATX CN) Rated New Outperform at BMO; PT C$2
** Cadeler (CADLR NO) ADRs Rated New Buy at Stifel; PT $35
** CI&T Inc (CINT) Reinstated Hold at Canaccord; PT $5.50
** Eli Lilly (LLY) Reinstated Buy at William O'Neil
** FMC Corp (FMC) Rated New Buy at Roth MKM; PT $74
** Fortrea (FTRE) Rated New Buy at Jefferies; PT $44
** Immunome (IMNM) Rated New Outperform at Cowen
** Inovio (INO) Reinstated Market Outperform at JMP; PT $1
** Neurogene Inc (NGNE) Rated New Outperform at Cowen
** Revolution Medicines (RVMD) Rated New Outperform at Wedbush; PT $41
** Safehold Inc (SAFE) Rated New Buy at Jefferies; PT $33
** Tyler Tech (TYL) Reinstated Market Outperform at JMP; PT $490
** Xenon Pharmaceuticals (XENE) Rated New Buy at Citi; PT $62
* Upgrades
** Allstate (ALL) Raised to Overweight at Morgan Stanley; PT $171
** American Express (AXP) Raised to Overweight at JPMorgan; PT $205
** Armstrong World (AWI) Raised to Neutral at UBS
** Cognizant (CTSH) Raised to Peerperform at Wolfe
** Comerica (CMA) Raised to Buy at Goldman; PT $70.50
** Con Edison (ED) Raised to Sector Weight at KeyBanc
** Dollar General (DG) Raised to Overweight at Barclays; PT $154
** Emerson Electric (EMR) Raised to Buy at Mizuho Securities; PT $118
** Epam Systems (EPAM) Raised to Outperform at Wolfe; PT $355
** Ferguson (FERG) Raised to Overweight at Wells Fargo; PT $210
** Fox Corp (FOXA) Raised to Peerperform at Wolfe
** General Motors (GM) Raised to Outperform at Wolfe
** Home Depot (HD) Raised to Overweight at Barclays; PT $372
** Intercorp Finl (IFS) Raised to Outperform at Itau BBA; PT $26
** Merck & Co (MRK) Raised to Outperform at Cowen; PT $135
** Micron (MU) Raised to Overweight at Piper Sandler; PT $95
** Murphy USA (MUSA) Raised to Buy at Jefferies; PT $425
** Power of Canada (POW CN) Raised to Outperform at RBC; PT C$45
** Principal Financial (PFG) Raised to Inline at Evercore ISI
** PTC Inc. (PTC) Raised to Overweight at JPMorgan; PT $200
** Sprouts Farmers (SFM) Raised to Inline at Evercore ISI; PT $45
** Tal Education (TAL) ADRs Raised to Buy at BofA; PT $15.70
** Verizon (VZ) Raised to Outperform at Wolfe; PT $46
** Xylem (XYL) Raised to Market Perform at Raymond James
* Downgrades
** Aflac (AFL) Cut to Underperform at Evercore ISI
** Akoustis Technologies (AKTS) Cut to Neutral at Piper Sandler; PT $1
** American Express (AXP) Cut to Sell at DZ Bank; PT $157
** Ameriprise (AMP) Cut to Inline at Evercore ISI
** Apple (AAPL) Cut to Neutral at Piper Sandler; PT $205
** Autoliv (ALV) Cut to Peerperform at Wolfe
** Bath & Body Works (BBWI) Cut to Equal-Weight at Barclays; PT $45
** Bird Construction (BDT CN) Cut to Sector Perform at National Bank
** BJ's Wholesale (BJ) Cut to Equal-Weight at Wells Fargo; PT $70
** Brunswick (BC) Cut to Market Perform at Raymond James
** Builders FirstSource (BLDR) Cut to Hold at Truist Secs
** Capital One (COF) Cut to Neutral at JPMorgan; PT $131
** Clarus (CLAR) Cut to Hold at Jefferies; PT $7
** CNO Financial (CNO) Cut to Underperform at Evercore ISI; PT $26
** Collegium (COLL) Cut to Hold at Jefferies; PT $37
** Enphase Energy (ENPH) Cut to Sector Weight at KeyBanc
** First Watch Restaurant (FWRG) Cut to Hold at Stifel; PT $20
** Five Below (FIVE) Cut to Equal-Weight at Wells Fargo; PT $215
** Floor & Decor (FND) Cut to Equal-Weight at Wells Fargo; PT $105
** Guess (GES) Cut to Hold at Jefferies; PT $24
** Illumina (ILMN) Cut to Market Perform at Cowen; PT $144
** Installed Building (IBP) Cut to Hold at Truist Secs
** Intact Financial (IFC CN) Cut to Sector Perform at RBC; PT C$228
** International Game (IGT) Cut to Hold at Jefferies; PT $29
** Itron (ITRI) Cut to Market Perform at Raymond James
** Macom (MTSI) Cut to Neutral at Piper Sandler; PT $85
** Mattel (MAT) Cut to Neutral at Roth MKM; PT $20
** Microchip (MCHP) Cut to Neutral at Piper Sandler; PT $80
** Mobileye (MBLY) Cut to Peerperform at Wolfe
** Northwestern (NWE) Cut to Sector Weight at KeyBanc
** Papa John's (PZZA) Cut to Sell at Stifel; PT $65
** PayPal (PYPL) Cut to Market Perform at Oppenheimer
** Pfizer (PFE) Cut to Market Perform at Cowen; PT $32
** PulteGroup (PHM) Cut to Neutral at UBS
** Qorvo (QRVO) Cut to Neutral at Piper Sandler; PT $120
** RealReal (REAL) Cut to Neutral at Baird; PT $2.75
** Revolve Group (RVLV) Cut to Neutral at Baird; PT $17
*** Cut to Hold at Jefferies; PT $17
** Rivian (RIVN) Cut to Peerperform at Wolfe
** Rocket Cos. (RKT) Cut to Underweight at JPMorgan; PT $10.50
** Roper (ROP) Cut to Market Perform at Cowen; PT $535
** Skyworks (SWKS) Cut to Neutral at Piper Sandler; PT $90
** SLM (SLM) Cut to Neutral at JPMorgan; PT $20
** Steven Madden (SHOO) Cut to Hold at Jefferies; PT $40
** SunPower (SPWR) Cut to Market Perform at Raymond James
** Sunrun (RUN) Cut to Sector Weight at KeyBanc
** TDCX (TDCX) ADRs Cut to Hold at HSBC; PT $6.60
** Telus (T CN) Cut to Neutral at JPMorgan; PT C$26
** Tenaris (TEN IM) ADRs Cut to Hold at Jefferies; PT $39.60
** TopBuild (BLD) Cut to Hold at Truist Secs
** UniFirst (UNF) Cut to Neutral at Baird; PT $185
** United Natural (UNFI) Cut to Underweight at Wells Fargo; PT $15
** Visteon (VC) Cut to Peerperform at Wolfe
** Western Union (WU) Cut to Underperform at Wolfe; PT $13
** YETI Holdings (YETI) Cut to Hold at Canaccord; PT $50
** Yum (YUM) Cut to Hold at Stifel; PT $135
* Initiations
** AN2 Therapeutics (ANTX) Rated New Market Outperform at JMP; PT $30
** Atex Resources Inc (ATX CN) Rated New Outperform at BMO; PT C$2
** Cadeler (CADLR NO) ADRs Rated New Buy at Stifel; PT $35
** CI&T Inc (CINT) Reinstated Hold at Canaccord; PT $5.50
** Eli Lilly (LLY) Reinstated Buy at William O'Neil
** FMC Corp (FMC) Rated New Buy at Roth MKM; PT $74
** Fortrea (FTRE) Rated New Buy at Jefferies; PT $44
** Immunome (IMNM) Rated New Outperform at Cowen
** Inovio (INO) Reinstated Market Outperform at JMP; PT $1
** Neurogene Inc (NGNE) Rated New Outperform at Cowen
** Revolution Medicines (RVMD) Rated New Outperform at Wedbush; PT $41
** Safehold Inc (SAFE) Rated New Buy at Jefferies; PT $33
** Tyler Tech (TYL) Reinstated Market Outperform at JMP; PT $490
** Xenon Pharmaceuticals (XENE) Rated New Buy at Citi; PT $62
5. jaanuar Euroopas
Upgrades
* Bellway Raised to Buy at Redburn; PT 3,100 pence
* Credit Agricole Raised to Market Perform at KBW; PT 15.50 euros
* Crest Nicholson Raised to Buy at Redburn; PT 269 pence
* DocMorris AG Raised to Buy at Berenberg; PT 100 Swiss francs
* Experian Raised to Outperform at BNPP Exane; PT 3,800 pence
* Maersk Raised to Buy at Jefferies; PT 16,500 kroner
* Millicom GDRs Raised to Overweight at Morgan Stanley
* Redcare Pharmacy NV Raised to Buy at Berenberg; PT 190 euros
Downgrades
* Coloplast Cut to Hold at Danske Bank Markets; PT 800 kroner
* Deutsche Bank Cut to Underperform at KBW; PT 12.50 euros
* Mondi Cut to Hold at Jefferies; PT 1,650 pence
* Next Cut to Hold at HSBC; PT 8,840 pence
* Nordea Bank Cut to Accumulate at OP Corporate Bank; PT 13 euros
* Prosegur Cut to Neutral at BNPP Exane; PT 1.80 euros
* Redrow Cut to Neutral at Redburn; PT 685 pence
* Robert Walters Cut to Neutral at BNPP Exane; PT 500 pence
* Solaria Energia Cut to Neutral at JB Capital Markets
Initiations
* Ariston Rated New Overweight at Barclays; PT 9 euros
* Ferrari Rated New Reduce at AlphaValue/Baader
* NIBE Industrier Rated New Overweight at Barclays; PT 77 kronor
* Signify Rated New Underweight at Barclays; PT 31 euros
* Syensqo Rated New Overweight at JPMorgan; PT 148 euros
Upgrades
* Bellway Raised to Buy at Redburn; PT 3,100 pence
* Credit Agricole Raised to Market Perform at KBW; PT 15.50 euros
* Crest Nicholson Raised to Buy at Redburn; PT 269 pence
* DocMorris AG Raised to Buy at Berenberg; PT 100 Swiss francs
* Experian Raised to Outperform at BNPP Exane; PT 3,800 pence
* Maersk Raised to Buy at Jefferies; PT 16,500 kroner
* Millicom GDRs Raised to Overweight at Morgan Stanley
* Redcare Pharmacy NV Raised to Buy at Berenberg; PT 190 euros
Downgrades
* Coloplast Cut to Hold at Danske Bank Markets; PT 800 kroner
* Deutsche Bank Cut to Underperform at KBW; PT 12.50 euros
* Mondi Cut to Hold at Jefferies; PT 1,650 pence
* Next Cut to Hold at HSBC; PT 8,840 pence
* Nordea Bank Cut to Accumulate at OP Corporate Bank; PT 13 euros
* Prosegur Cut to Neutral at BNPP Exane; PT 1.80 euros
* Redrow Cut to Neutral at Redburn; PT 685 pence
* Robert Walters Cut to Neutral at BNPP Exane; PT 500 pence
* Solaria Energia Cut to Neutral at JB Capital Markets
Initiations
* Ariston Rated New Overweight at Barclays; PT 9 euros
* Ferrari Rated New Reduce at AlphaValue/Baader
* NIBE Industrier Rated New Overweight at Barclays; PT 77 kronor
* Signify Rated New Underweight at Barclays; PT 31 euros
* Syensqo Rated New Overweight at JPMorgan; PT 148 euros
8. jaanuar Euroopas
Upgrades
* ASML Raised to Buy at Kepler Cheuvreux; PT 770 euros
* Amplifon Raised to Overweight at Morgan Stanley; PT 35 euros
* BASF Raised to Buy at On Field; PT 56 euros
* Bellway Raised to Overweight at Barclays; PT 3,022 pence
* 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
* Geberit Raised to Hold at HSBC; PT 481 Swiss francs
* Inficon Raised to Buy at Kepler Cheuvreux
* Legal & General Raised to Buy at Berenberg
* 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
Downgrades
* 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
* Berkeley Cut to Equal-Weight at Barclays; PT 4,812 pence
* Byggfakta Group Nordic Holdco Cut to Hold at Jefferies
* CMC Markets Cut to Add at Numis; PT 130 pence
* Covestro Cut to Hold at On Field; PT 46 euros
* Demant Cut to Underweight at Morgan Stanley; PT 255 kroner
* EDP Renovaveis Cut to Neutral at BNPP Exane
* EDP Renovaveis Cut to Neutral at Goldman; PT 19.50 euros
* Endesa Cut to Underperform at BNPP Exane
* Equinor Cut to Underweight at Morgan Stanley; PT 264 kroner
* Exor Cut to Hold at Bank Degroof Petercam
* Fortum Cut to Neutral at Goldman; PT 15.20 euros
* Fresenius Medical Care A Cut to Underweight at Morgan Stanley
* Galp Cut to Underweight at Morgan Stanley; PT 12.80 euros
* 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
Initiations
* 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
Upgrades
* ASML Raised to Buy at Kepler Cheuvreux; PT 770 euros
* Amplifon Raised to Overweight at Morgan Stanley; PT 35 euros
* BASF Raised to Buy at On Field; PT 56 euros
* Bellway Raised to Overweight at Barclays; PT 3,022 pence
* 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
* Geberit Raised to Hold at HSBC; PT 481 Swiss francs
* Inficon Raised to Buy at Kepler Cheuvreux
* Legal & General Raised to Buy at Berenberg
* 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
Downgrades
* 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
* Berkeley Cut to Equal-Weight at Barclays; PT 4,812 pence
* Byggfakta Group Nordic Holdco Cut to Hold at Jefferies
* CMC Markets Cut to Add at Numis; PT 130 pence
* Covestro Cut to Hold at On Field; PT 46 euros
* Demant Cut to Underweight at Morgan Stanley; PT 255 kroner
* EDP Renovaveis Cut to Neutral at BNPP Exane
* EDP Renovaveis Cut to Neutral at Goldman; PT 19.50 euros
* Endesa Cut to Underperform at BNPP Exane
* Equinor Cut to Underweight at Morgan Stanley; PT 264 kroner
* Exor Cut to Hold at Bank Degroof Petercam
* Fortum Cut to Neutral at Goldman; PT 15.20 euros
* Fresenius Medical Care A Cut to Underweight at Morgan Stanley
* Galp Cut to Underweight at Morgan Stanley; PT 12.80 euros
* 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
Initiations
* 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
9. jaanuar Euroopas
Upgrades
* Alpha Services Raised to Buy at Jefferies; PT 2.25 euros
* BP Raised to Buy at Redburn; PT 590 pence
* Basler Raised to Buy at Jefferies; PT 15 euros
* DWS Raised to Buy at Goldman; PT 42 euros
* Danone Raised to Neutral at BNPP Exane
* Eurobank Raised to Buy at Jefferies; PT 2.25 euros
* Interroll Raised to Hold at Jefferies; PT 2,300 Swiss francs
* LIC Housing GDRs Raised to Hold at HSBC; PT $14.20
* Piraeus Bank Raised to Buy at Jefferies; PT 4.45 euros
* Reckitt Raised to Neutral at BNPP Exane
* Snam Raised to Buy at SocGen; PT 5.50 euros
* Sparebanken Sor Raised to Buy at Pareto Securities
* Telia Raised to Buy at UBS
Downgrades
* ABB Cut to Market Perform at Cowen; PT 38 Swiss francs
* Boliden Cut to Hold at ABG; PT 295 kronor
* Bpost Cut to Underperform at Jefferies; PT 3.80 euros
* Byggfakta Group Nordic Holdco Cut to Equal-Weight at Barclays
* Ebusco Holding Cut to Underperform at Jefferies; PT 4 euros
* Handelsbanken Cut to Underperform at BNPP Exane
* JDE Peet’s Cut to Underperform at BNPP Exane
* Kosmos Energy Cut to Hold at Peel Hunt; PT 550 pence
* Lotus Bakeries Cut to Underperform at BNPP Exane
* Maersk Cut to Hold at Jyske Bank; PT 14,500 kroner
* Meyer Burger Cut to Reduce at Baader Helvea
* NX Filtration Cut to Hold at KBC Securities
* Nestle Cut to Underperform at BNPP Exane
* Nordic Semiconductor Cut to Sell at Arctic Securities
* Pierer Mobility Cut to Hold at Jefferies
* SCA Cut to Hold at Handelsbanken
* Solvay Cut to Hold at Berenberg; PT 28 euros
* U-blox Cut to Add at Baader Helvea; PT 102 Swiss francs
* Unite Group Cut to Add at Numis; PT 1,160 pence
* United Internet Cut to Neutral at UBS; PT 24.50 euros
* Wacker Neuson Cut to Hold at Jefferies; PT 19 euros
Initiations
* Fugro Rated New Buy at Jefferies; PT 22.50 euros
* Jyske Rated New Overweight at Barclays; PT 645 kroner
* KSB Reinstated Buy at GSC Research; PT 700 euros
* Nexans Rated New Buy at Berenberg; PT 98 euros
* Repsol Rated New Hold at Intesa Sanpaolo; PT 15.40 euros
* Rotork Reinstated Hold at HSBC; PT 325 pence
* SBE-Varvit-SpA Rated New Hold at Kepler Cheuvreux; PT 8.80 euros
* TotalEnergies Rated New Buy at Intesa Sanpaolo; PT 76 euros
* Ubisoft Rated New Market Perform at BMO; PT 27 euros
Upgrades
* Alpha Services Raised to Buy at Jefferies; PT 2.25 euros
* BP Raised to Buy at Redburn; PT 590 pence
* Basler Raised to Buy at Jefferies; PT 15 euros
* DWS Raised to Buy at Goldman; PT 42 euros
* Danone Raised to Neutral at BNPP Exane
* Eurobank Raised to Buy at Jefferies; PT 2.25 euros
* Interroll Raised to Hold at Jefferies; PT 2,300 Swiss francs
* LIC Housing GDRs Raised to Hold at HSBC; PT $14.20
* Piraeus Bank Raised to Buy at Jefferies; PT 4.45 euros
* Reckitt Raised to Neutral at BNPP Exane
* Snam Raised to Buy at SocGen; PT 5.50 euros
* Sparebanken Sor Raised to Buy at Pareto Securities
* Telia Raised to Buy at UBS
Downgrades
* ABB Cut to Market Perform at Cowen; PT 38 Swiss francs
* Boliden Cut to Hold at ABG; PT 295 kronor
* Bpost Cut to Underperform at Jefferies; PT 3.80 euros
* Byggfakta Group Nordic Holdco Cut to Equal-Weight at Barclays
* Ebusco Holding Cut to Underperform at Jefferies; PT 4 euros
* Handelsbanken Cut to Underperform at BNPP Exane
* JDE Peet’s Cut to Underperform at BNPP Exane
* Kosmos Energy Cut to Hold at Peel Hunt; PT 550 pence
* Lotus Bakeries Cut to Underperform at BNPP Exane
* Maersk Cut to Hold at Jyske Bank; PT 14,500 kroner
* Meyer Burger Cut to Reduce at Baader Helvea
* NX Filtration Cut to Hold at KBC Securities
* Nestle Cut to Underperform at BNPP Exane
* Nordic Semiconductor Cut to Sell at Arctic Securities
* Pierer Mobility Cut to Hold at Jefferies
* SCA Cut to Hold at Handelsbanken
* Solvay Cut to Hold at Berenberg; PT 28 euros
* U-blox Cut to Add at Baader Helvea; PT 102 Swiss francs
* Unite Group Cut to Add at Numis; PT 1,160 pence
* United Internet Cut to Neutral at UBS; PT 24.50 euros
* Wacker Neuson Cut to Hold at Jefferies; PT 19 euros
Initiations
* Fugro Rated New Buy at Jefferies; PT 22.50 euros
* Jyske Rated New Overweight at Barclays; PT 645 kroner
* KSB Reinstated Buy at GSC Research; PT 700 euros
* Nexans Rated New Buy at Berenberg; PT 98 euros
* Repsol Rated New Hold at Intesa Sanpaolo; PT 15.40 euros
* Rotork Reinstated Hold at HSBC; PT 325 pence
* SBE-Varvit-SpA Rated New Hold at Kepler Cheuvreux; PT 8.80 euros
* TotalEnergies Rated New Buy at Intesa Sanpaolo; PT 76 euros
* Ubisoft Rated New Market Perform at BMO; PT 27 euros
USA ja Kanada
* Upgrades
** Allstate (ALL) Raised to Buy at Jefferies; PT $180
** Asur (ASURB MM) ADRs Raised to Neutral at Grupo Santander; PT $287
** CAAP (CAAP) Raised to Buy at Citi; PT $21
** Century Aluminum (CENX) Raised to Buy at B Riley; PT $14
** Citigroup (C) Raised to Buy at HSBC; PT $61
** CrowdStrike (CRWD) Raised to Overweight at Morgan Stanley; PT $304
** Dlocal (DLO) Raised to Buy at New Street Research; PT $24
** Evergy (EVRG) Raised to Overweight at Wells Fargo; PT $60
** Exxon (XOM) Raised to Buy at Redburn; PT $119
** Frontline PLC (FRO) Raised to Buy at Deutsche Bank
** GoDaddy (GDDY) Raised to Overweight at Piper Sandler; PT $121
** Interactive Brokers (IBKR) Raised to Buy at Goldman; PT $102
** JPMorgan (JPM) Raised to Buy at Deutsche Bank; PT $190
** KeyCorp (KEY) Raised to Buy at Jefferies; PT $17
** Northern Trust (NTRS) Raised to Buy at Jefferies; PT $99
** Regions Financial (RF) Raised to Buy at Jefferies; PT $22
** Sherwin-Williams (SHW) Raised to Neutral at On Field; PT $300
** Tenable (TENB) Raised to Overweight at Morgan Stanley; PT $60
** United Airlines (UAL) Raised to Buy at BofA
* Downgrades
** ABB (ABBN SW) ADRs Cut to Market Perform at Cowen; PT $43
** Ares Management (ARES) Cut to Hold at Jefferies
** Arthur J Gallagher (AJG) Cut to Hold at Jefferies; PT $233
** Axalta (AXTA) Cut to Neutral at On Field; PT $36
** Axonics Inc (AXNX) Cut to Peerperform at Wolfe
** Brown & Brown (BRO) Cut to Hold at Jefferies; PT $78
** CyberArk (CYBR) Cut to Equal-Weight at Morgan Stanley; PT $240
** Dada Nexus (DADA) ADRs Cut to Reduce at CLSA; PT $1.75
** Fifth Third (FITB) Cut to Market Perform at KBW; PT $37
** LoanDepot (LDI) Cut to Sell at Goldman; PT $3
** Morgan Stanley (MS) Cut to Hold at HSBC; PT $96
** Netflix (NFLX) Cut to Neutral at Citi; PT $500
** NextEra Energy Partners (NEP) Cut to Neutral at CIBC; PT $35
** PayPal (PYPL) Cut to Equal-Weight at Morgan Stanley; PT $66
** Perella Weinberg Partners (PWP) Cut to Sell at Goldman; PT $11.50
** PGT Innovations (PGTI) Cut to Hold at Truist Secs; PT $43
** PJT Partners (PJT) Cut to Neutral at Goldman; PT $99
** Raymond James (RJF) Cut to Hold at Jefferies; PT $117
** Red Rock Resorts (RRR) Cut to Equal-Weight at Morgan Stanley; PT $48
** SEMrush (SEMR) Cut to Neutral at Piper Sandler; PT $14
** Solo Brands (DTC) Cut to Market Perform at William Blair
** StoneCo (STNE) Cut to Underperform at Grupo Santander; PT $17
** W R Berkley Corp (WRB) Cut to Inline at Evercore ISI; PT $79
** Wells Fargo (WFC) Cut to Hold at Deutsche Bank; PT $51
* Initiations
** Airbnb (ABNB) Rated New Market Perform at BMO; PT $134
** Alphabet (GOOGL) Rated New Outperform at BMO; PT $170
** Amazon (AMZN) Rated New Outperform at BMO; PT $200
** Arrow Financial (AROW) Rated New Market Perform at Hovde Group
** Booking (BKNG) Rated New Outperform at BMO; PT $4,150
** Caesars Entertainment (CZR) Rated New Market Outperform at JMP; PT $65
** Criteo (CRTO) ADRs Rated New Market Perform at BMO; PT $28
** DoorDash (DASH) Rated New Outperform at BMO; PT $120
** DoubleVerify (DV) Rated New Outperform at BMO; PT $44
** DraftKings (DKNG) Rated New Outperform at BMO; PT $43
** EBay (EBAY) Reinstated Market Perform at BMO; PT $49
** EchoStar (SATS) Rated New Equal-Weight at Morgan Stanley; PT $14.25
** Electronic Arts (EA) Rated New Outperform at BMO; PT $160
** Expedia (EXPE) Rated New Outperform at BMO; PT $181
** Instacart (CART) Rated New Market Perform at BMO; PT $26
** Integral Ad Science (IAS) Rated New Outperform at BMO; PT $18
** Lyft (LYFT) Rated New Market Perform at BMO; PT $15
** MDxHealth SA (MDXH) Reinstated Overweight at Piper Sandler; PT $6
** Meta Platforms (META) Rated New Market Perform at BMO; PT $397
** Netflix (NFLX) Rated New Outperform at BMO; PT $566
** Pinterest (PINS) Rated New Outperform at BMO; PT $45
** Post Holdings (POST) Rated New Buy at Mizuho Securities; PT $110
** Roblox (RBLX) Rated New Outperform at BMO; PT $55
** Snap (SNAP) Rated New Outperform at BMO; PT $22
** Take-Two (TTWO) Rated New Outperform at BMO; PT $200
** Trade Desk (TTD) Rated New Outperform at BMO; PT $88
** TripAdvisor (TRIP) Rated New Market Perform at BMO; PT $20
** Uber (UBER) Rated New Outperform at BMO; PT $69
** Wayfair (W) Rated New Market Perform at BMO; PT $57
* Upgrades
** Allstate (ALL) Raised to Buy at Jefferies; PT $180
** Asur (ASURB MM) ADRs Raised to Neutral at Grupo Santander; PT $287
** CAAP (CAAP) Raised to Buy at Citi; PT $21
** Century Aluminum (CENX) Raised to Buy at B Riley; PT $14
** Citigroup (C) Raised to Buy at HSBC; PT $61
** CrowdStrike (CRWD) Raised to Overweight at Morgan Stanley; PT $304
** Dlocal (DLO) Raised to Buy at New Street Research; PT $24
** Evergy (EVRG) Raised to Overweight at Wells Fargo; PT $60
** Exxon (XOM) Raised to Buy at Redburn; PT $119
** Frontline PLC (FRO) Raised to Buy at Deutsche Bank
** GoDaddy (GDDY) Raised to Overweight at Piper Sandler; PT $121
** Interactive Brokers (IBKR) Raised to Buy at Goldman; PT $102
** JPMorgan (JPM) Raised to Buy at Deutsche Bank; PT $190
** KeyCorp (KEY) Raised to Buy at Jefferies; PT $17
** Northern Trust (NTRS) Raised to Buy at Jefferies; PT $99
** Regions Financial (RF) Raised to Buy at Jefferies; PT $22
** Sherwin-Williams (SHW) Raised to Neutral at On Field; PT $300
** Tenable (TENB) Raised to Overweight at Morgan Stanley; PT $60
** United Airlines (UAL) Raised to Buy at BofA
* Downgrades
** ABB (ABBN SW) ADRs Cut to Market Perform at Cowen; PT $43
** Ares Management (ARES) Cut to Hold at Jefferies
** Arthur J Gallagher (AJG) Cut to Hold at Jefferies; PT $233
** Axalta (AXTA) Cut to Neutral at On Field; PT $36
** Axonics Inc (AXNX) Cut to Peerperform at Wolfe
** Brown & Brown (BRO) Cut to Hold at Jefferies; PT $78
** CyberArk (CYBR) Cut to Equal-Weight at Morgan Stanley; PT $240
** Dada Nexus (DADA) ADRs Cut to Reduce at CLSA; PT $1.75
** Fifth Third (FITB) Cut to Market Perform at KBW; PT $37
** LoanDepot (LDI) Cut to Sell at Goldman; PT $3
** Morgan Stanley (MS) Cut to Hold at HSBC; PT $96
** Netflix (NFLX) Cut to Neutral at Citi; PT $500
** NextEra Energy Partners (NEP) Cut to Neutral at CIBC; PT $35
** PayPal (PYPL) Cut to Equal-Weight at Morgan Stanley; PT $66
** Perella Weinberg Partners (PWP) Cut to Sell at Goldman; PT $11.50
** PGT Innovations (PGTI) Cut to Hold at Truist Secs; PT $43
** PJT Partners (PJT) Cut to Neutral at Goldman; PT $99
** Raymond James (RJF) Cut to Hold at Jefferies; PT $117
** Red Rock Resorts (RRR) Cut to Equal-Weight at Morgan Stanley; PT $48
** SEMrush (SEMR) Cut to Neutral at Piper Sandler; PT $14
** Solo Brands (DTC) Cut to Market Perform at William Blair
** StoneCo (STNE) Cut to Underperform at Grupo Santander; PT $17
** W R Berkley Corp (WRB) Cut to Inline at Evercore ISI; PT $79
** Wells Fargo (WFC) Cut to Hold at Deutsche Bank; PT $51
* Initiations
** Airbnb (ABNB) Rated New Market Perform at BMO; PT $134
** Alphabet (GOOGL) Rated New Outperform at BMO; PT $170
** Amazon (AMZN) Rated New Outperform at BMO; PT $200
** Arrow Financial (AROW) Rated New Market Perform at Hovde Group
** Booking (BKNG) Rated New Outperform at BMO; PT $4,150
** Caesars Entertainment (CZR) Rated New Market Outperform at JMP; PT $65
** Criteo (CRTO) ADRs Rated New Market Perform at BMO; PT $28
** DoorDash (DASH) Rated New Outperform at BMO; PT $120
** DoubleVerify (DV) Rated New Outperform at BMO; PT $44
** DraftKings (DKNG) Rated New Outperform at BMO; PT $43
** EBay (EBAY) Reinstated Market Perform at BMO; PT $49
** EchoStar (SATS) Rated New Equal-Weight at Morgan Stanley; PT $14.25
** Electronic Arts (EA) Rated New Outperform at BMO; PT $160
** Expedia (EXPE) Rated New Outperform at BMO; PT $181
** Instacart (CART) Rated New Market Perform at BMO; PT $26
** Integral Ad Science (IAS) Rated New Outperform at BMO; PT $18
** Lyft (LYFT) Rated New Market Perform at BMO; PT $15
** MDxHealth SA (MDXH) Reinstated Overweight at Piper Sandler; PT $6
** Meta Platforms (META) Rated New Market Perform at BMO; PT $397
** Netflix (NFLX) Rated New Outperform at BMO; PT $566
** Pinterest (PINS) Rated New Outperform at BMO; PT $45
** Post Holdings (POST) Rated New Buy at Mizuho Securities; PT $110
** Roblox (RBLX) Rated New Outperform at BMO; PT $55
** Snap (SNAP) Rated New Outperform at BMO; PT $22
** Take-Two (TTWO) Rated New Outperform at BMO; PT $200
** Trade Desk (TTD) Rated New Outperform at BMO; PT $88
** TripAdvisor (TRIP) Rated New Market Perform at BMO; PT $20
** Uber (UBER) Rated New Outperform at BMO; PT $69
** Wayfair (W) Rated New Market Perform at BMO; PT $57
10. jaanuar Euroopas
Upgrades
* AB InBev Raised to Buy at Jefferies; PT 70 euros
* AMS-Osram Raised to Equal-Weight at Barclays
* Arctic Fish Holding Raised to Buy at Pareto Securities
* Babcock Raised to Buy at Numis; PT 530 pence
* Compass Group Raised to Outperform at RBC; PT 2,400 pence
* DSV Raised to Overweight at Morgan Stanley; PT 1,474 kroner
* Golden Ocean Raised to Buy at Pareto Securities; PT 91 kroner
* Greggs Raised to Buy at Liberum; PT 2,800 pence
* Heidelberg Materials Raised to Buy at BofA; PT 105 euros
* IWG Raised to Outperform at RBC
* Icelandic Salmon Raised to Buy at Pareto Securities
* Intertek Raised to Outperform at RBC
* SKF Raised to Buy at Carnegie; PT 230 kronor
* Sartorius Raised to Buy at HSBC; PT 370 euros
* VAT Raised to Buy at Jefferies; PT 585 Swiss francs
* Wise Raised to Outperform at BNPP Exane; PT 1,100 pence
* Zaptec Raised to Buy at Pareto Securities; PT 25 kroner
Downgrades
* Adecco Cut to Sector Perform at RBC; PT 43 Swiss francs
* Ashtead Cut to Neutral at BofA
* BE Semiconductor Cut to Sell at Deutsche Bank; PT 110 euros
* Bayer Cut to Hold at Stifel; PT 42 euros
* Calida Cut to Underperform at ZKB
* Capita Cut to Sector Perform at RBC; PT 23 pence
* DCC Cut to Sector Perform at RBC
* Dr Martens Cut to Hold at Numis; PT 85 pence
* Fortum Cut to Hold at Carnegie
* Gjensidige Cut to Hold at Arctic Securities; PT 190 kroner
* Holcim Cut to Neutral at BofA
* Konecranes Cut to Reduce at Inderes; PT 37 euros
* Maersk Cut to Hold at HSBC; PT 15,000 kroner
* Mycronic Cut to Hold at Carnegie
* Orange Polska Cut to Hold at Erste Group; PT 8.90 zloty
* Redcare Pharmacy NV Cut to Hold at M.M. Warburg; PT 130 euros
* Rockwool Cut to Underperform at BofA; PT 1,800 kroner
* Royal Unibrew Cut to Underperform at Jefferies; PT 375 kroner
* SGS Cut to Sector Perform at RBC
* Saint-Gobain Cut to Neutral at BofA
* TGS Cut to Hold at Carnegie; PT 120 kroner
* Trelleborg Cut to Hold at Carnegie; PT 330 kronor
* Vestas Cut to Hold at Jefferies; PT 226 kroner
* Worldline Cut to Neutral at BNPP Exane; PT 15.50 euros
* Zurich Ins. Cut to Hold at Berenberg
Initiations
* AMS-Osram Reinstated Reduce at Kepler Cheuvreux
* Arcadis Rated New Overweight at KeyBanc; PT 57 euros
* Entain Resumed Buy at Citi
* Equinor Rated New Market Perform at Cowen; PT 291 kroner
* Future PLC Reinstated Buy at Peel Hunt; PT 1,210 pence
* Getinge Reinstated Buy at Nordea; PT 265 kronor
* Lectra Rated New Reduce at Kepler Cheuvreux; PT 27 euros
* Siegfried Rated New Buy at Deutsche Bank; PT 995 Swiss francs
* Syensqo Rated New Buy at SocGen; PT 115 euros
* WAG Payment Rated New Buy at Berenberg; PT 120 pence
* Wise Rated New Buy at Berenberg; PT 1,140 pence
Upgrades
* AB InBev Raised to Buy at Jefferies; PT 70 euros
* AMS-Osram Raised to Equal-Weight at Barclays
* Arctic Fish Holding Raised to Buy at Pareto Securities
* Babcock Raised to Buy at Numis; PT 530 pence
* Compass Group Raised to Outperform at RBC; PT 2,400 pence
* DSV Raised to Overweight at Morgan Stanley; PT 1,474 kroner
* Golden Ocean Raised to Buy at Pareto Securities; PT 91 kroner
* Greggs Raised to Buy at Liberum; PT 2,800 pence
* Heidelberg Materials Raised to Buy at BofA; PT 105 euros
* IWG Raised to Outperform at RBC
* Icelandic Salmon Raised to Buy at Pareto Securities
* Intertek Raised to Outperform at RBC
* SKF Raised to Buy at Carnegie; PT 230 kronor
* Sartorius Raised to Buy at HSBC; PT 370 euros
* VAT Raised to Buy at Jefferies; PT 585 Swiss francs
* Wise Raised to Outperform at BNPP Exane; PT 1,100 pence
* Zaptec Raised to Buy at Pareto Securities; PT 25 kroner
Downgrades
* Adecco Cut to Sector Perform at RBC; PT 43 Swiss francs
* Ashtead Cut to Neutral at BofA
* BE Semiconductor Cut to Sell at Deutsche Bank; PT 110 euros
* Bayer Cut to Hold at Stifel; PT 42 euros
* Calida Cut to Underperform at ZKB
* Capita Cut to Sector Perform at RBC; PT 23 pence
* DCC Cut to Sector Perform at RBC
* Dr Martens Cut to Hold at Numis; PT 85 pence
* Fortum Cut to Hold at Carnegie
* Gjensidige Cut to Hold at Arctic Securities; PT 190 kroner
* Holcim Cut to Neutral at BofA
* Konecranes Cut to Reduce at Inderes; PT 37 euros
* Maersk Cut to Hold at HSBC; PT 15,000 kroner
* Mycronic Cut to Hold at Carnegie
* Orange Polska Cut to Hold at Erste Group; PT 8.90 zloty
* Redcare Pharmacy NV Cut to Hold at M.M. Warburg; PT 130 euros
* Rockwool Cut to Underperform at BofA; PT 1,800 kroner
* Royal Unibrew Cut to Underperform at Jefferies; PT 375 kroner
* SGS Cut to Sector Perform at RBC
* Saint-Gobain Cut to Neutral at BofA
* TGS Cut to Hold at Carnegie; PT 120 kroner
* Trelleborg Cut to Hold at Carnegie; PT 330 kronor
* Vestas Cut to Hold at Jefferies; PT 226 kroner
* Worldline Cut to Neutral at BNPP Exane; PT 15.50 euros
* Zurich Ins. Cut to Hold at Berenberg
Initiations
* AMS-Osram Reinstated Reduce at Kepler Cheuvreux
* Arcadis Rated New Overweight at KeyBanc; PT 57 euros
* Entain Resumed Buy at Citi
* Equinor Rated New Market Perform at Cowen; PT 291 kroner
* Future PLC Reinstated Buy at Peel Hunt; PT 1,210 pence
* Getinge Reinstated Buy at Nordea; PT 265 kronor
* Lectra Rated New Reduce at Kepler Cheuvreux; PT 27 euros
* Siegfried Rated New Buy at Deutsche Bank; PT 995 Swiss francs
* Syensqo Rated New Buy at SocGen; PT 115 euros
* WAG Payment Rated New Buy at Berenberg; PT 120 pence
* Wise Rated New Buy at Berenberg; PT 1,140 pence
11. jaanuar Euroopas
Upgrades
* AFRY AB Raised to Hold at Handelsbanken
* Antofagasta Raised to Outperform at RBC; PT 1,800 pence
* Carlsberg Raised to Buy at BofA
* EasyJet Raised to Buy at BofA; PT 640 pence
* Hermes Raised to Neutral at Goldman; PT 2,060 euros
* J D Wetherspoon Raised to Hold at Numis; PT 750 pence
* Mercialys Raised to Buy at Jefferies; PT 11.50 euros
* Royal Unibrew Raised to Neutral at BofA
* SGS Raised to Buy at SocGen; PT 86 Swiss francs
* Segro Raised to Buy at Kepler Cheuvreux; PT 970 pence
Downgrades
* Aspocomp Group Cut to Reduce at Inderes; PT 3.50 euros
* Atrium Ljungberg Cut to Hold at Carnegie
* Barratt Cut to Hold at Liberum; PT 550 pence
* BayWa Cut to Hold at Kepler Cheuvreux; PT 34 euros
* Berkeley Cut to Hold at Liberum; PT 4,800 pence
* Catena Cut to Hold at Carnegie
* Crest Nicholson Cut to Hold at Liberum; PT 230 pence
* Diageo Cut to Neutral at BofA
* Fabege Cut to Sell at Carnegie
* Getinge Cut to Hold at Handelsbanken
* INWIT Cut to Reduce at Kepler Cheuvreux; PT 10.50 euros
* Kering Cut to Hold at Equita; PT 450 euros
* Komax Cut to Hold at Mirabaud Securities; PT 220 Swiss francs
* LEG Immobilien Cut to Hold at Jefferies; PT 80 euros
* Lindab Cut to Hold at Carnegie; PT 205 kronor
* Lufthansa Cut to Underperform at BofA; PT 7.60 euros
* Merlin Properties Cut to Hold at Jefferies; PT 10.30 euros
* Moncler Cut to Neutral at BofA
* Nordea Bank Cut to Underweight at JPMorgan
* PZU Cut to Neutral at JPMorgan; PT 55 zloty
* QT Group Cut to Hold at Danske Bank Markets
* Redrow Cut to Hold at Liberum; PT 620 pence
* Salvatore Ferragamo Cut to Hold at Equita; PT 12.30 euros
* Spirax Cut to Reduce at HSBC; PT 8,400 pence
* Swatch Cut to Neutral at BofA
* Swatch Cut to Neutral at Goldman; PT 260 Swiss francs
* Titanium Cut to Reduce at Inderes; PT 17 euros
* Verbio Vereinigte Bioenergie AG Cut to Sell at Deutsche Bank
Initiations
* British Land Rated New Buy at Berenberg; PT 469 pence
* Land Sec. Rated New Buy at Berenberg; PT 807 pence
* Teleperformance Reinstated Outperform at BNPP Exane
Upgrades
* AFRY AB Raised to Hold at Handelsbanken
* Antofagasta Raised to Outperform at RBC; PT 1,800 pence
* Carlsberg Raised to Buy at BofA
* EasyJet Raised to Buy at BofA; PT 640 pence
* Hermes Raised to Neutral at Goldman; PT 2,060 euros
* J D Wetherspoon Raised to Hold at Numis; PT 750 pence
* Mercialys Raised to Buy at Jefferies; PT 11.50 euros
* Royal Unibrew Raised to Neutral at BofA
* SGS Raised to Buy at SocGen; PT 86 Swiss francs
* Segro Raised to Buy at Kepler Cheuvreux; PT 970 pence
Downgrades
* Aspocomp Group Cut to Reduce at Inderes; PT 3.50 euros
* Atrium Ljungberg Cut to Hold at Carnegie
* Barratt Cut to Hold at Liberum; PT 550 pence
* BayWa Cut to Hold at Kepler Cheuvreux; PT 34 euros
* Berkeley Cut to Hold at Liberum; PT 4,800 pence
* Catena Cut to Hold at Carnegie
* Crest Nicholson Cut to Hold at Liberum; PT 230 pence
* Diageo Cut to Neutral at BofA
* Fabege Cut to Sell at Carnegie
* Getinge Cut to Hold at Handelsbanken
* INWIT Cut to Reduce at Kepler Cheuvreux; PT 10.50 euros
* Kering Cut to Hold at Equita; PT 450 euros
* Komax Cut to Hold at Mirabaud Securities; PT 220 Swiss francs
* LEG Immobilien Cut to Hold at Jefferies; PT 80 euros
* Lindab Cut to Hold at Carnegie; PT 205 kronor
* Lufthansa Cut to Underperform at BofA; PT 7.60 euros
* Merlin Properties Cut to Hold at Jefferies; PT 10.30 euros
* Moncler Cut to Neutral at BofA
* Nordea Bank Cut to Underweight at JPMorgan
* PZU Cut to Neutral at JPMorgan; PT 55 zloty
* QT Group Cut to Hold at Danske Bank Markets
* Redrow Cut to Hold at Liberum; PT 620 pence
* Salvatore Ferragamo Cut to Hold at Equita; PT 12.30 euros
* Spirax Cut to Reduce at HSBC; PT 8,400 pence
* Swatch Cut to Neutral at BofA
* Swatch Cut to Neutral at Goldman; PT 260 Swiss francs
* Titanium Cut to Reduce at Inderes; PT 17 euros
* Verbio Vereinigte Bioenergie AG Cut to Sell at Deutsche Bank
Initiations
* British Land Rated New Buy at Berenberg; PT 469 pence
* Land Sec. Rated New Buy at Berenberg; PT 807 pence
* Teleperformance Reinstated Outperform at BNPP Exane
15. jaanuar Euroopas
Upgrades
* Adyen Raised to Buy at HSBC; PT 1,400 euros
* Capgemini Raised to Buy at HSBC; PT 225 euros
* CompuGroup Raised to Buy at Berenberg
* CompuGroup Raised to Equal-Weight at Morgan Stanley; PT 39 euros
* Continental Raised to Overweight at JPMorgan; PT 100 euros
* Deliveroo Raised to Neutral at BNPP Exane
* Elia Group Raised to Buy at Deutsche Bank; PT 130 euros
* Eurobank Raised to Overweight at Morgan Stanley; PT 2.33 euros
* Fevertree Drinks Raised to Buy at Liberum; PT 1,300 pence
* Hammerson Raised to Add at Peel Hunt; PT 32 pence
* Holmen Raised to Buy at ABG; PT 450 kronor
* ITM Power Raised to Buy at Panmure Gordon; PT 90 pence
* Iveco Raised to Buy at Deutsche Bank; PT 13 euros
* Kjell Group Raised to Buy at Nordea; PT 40 kronor
* Kone Raised to Hold at Nordea
* Kruk Raised to Buy at Biuro Maklerskie mBanku; PT 532.36 zloty
* National Grid Raised to Buy at Deutsche Bank; PT 1,150 pence
* Orsted Raised to Buy at Deutsche Bank; PT 450 kroner
* Redeia Raised to Hold at Deutsche Bank; PT 14.50 euros
* TietoEVRY Raised to Overweight at Morgan Stanley; PT 27.50 euros
Downgrades
* ABB Cut to Sector Perform at RBC; PT 38 Swiss francs
* Alfa Laval Cut to Sector Perform at RBC; PT 420 kronor
* Alleima Cut to Hold at SEB Equities; PT 80 kronor
* Atos Cut to Reduce at HSBC; PT 4 euros
* B3 Consulting Cut to Hold at Pareto Securities; PT 118 kronor
* Burberry Cut to Neutral at Goldman; PT 1,663 pence
* Dassault Aviation Cut to Hold at Deutsche Bank; PT 199 euros
* Enel Cut to Hold at Deutsche Bank; PT 7 euros
* HSBC Cut to Underperform at BNPP Exane
* Hill & Smith Cut to Add at Investec; PT 1,940 pence
* Just Eat Takeaway Cut to Underperform at BNPP Exane
* Know IT Cut to Hold at Pareto Securities; PT 163 kronor
* Lloyds Cut to Neutral at BofA
* Munters Cut to Hold at ABG; PT 170 kronor
* Nexus Cut to Hold at Berenberg
* Pagegroup Cut to Hold at HSBC; PT 420 pence
* Sage Cut to Hold at Peel Hunt; PT 1,187 pence
* Sandvik Cut to Hold at ABG; PT 225 kronor
* Schneider Electric Cut to Underperform at RBC; PT 165 euros
* Scout24 SE Cut to Neutral at BNPP Exane
* Sinch Cut to Underweight at Morgan Stanley; PT 26 kronor
* Trelleborg Cut to Hold at ABG; PT 325 kronor
* Umicore Cut to Accumulate at KBC Securities; PT 29 euros
* VAT Cut to Underperform at RBC; PT 280 Swiss francs
* Verbund Cut to Sell at Deutsche Bank; PT 74 euros
* Wacker Chemie Cut to Hold at HSBC; PT 105 euros
* Worldline Cut to Hold at HSBC; PT 16 euros
Initiation
* Telefonica Reinstated Neutral at JB Capital Markets; PT 4 euros
Upgrades
* Adyen Raised to Buy at HSBC; PT 1,400 euros
* Capgemini Raised to Buy at HSBC; PT 225 euros
* CompuGroup Raised to Buy at Berenberg
* CompuGroup Raised to Equal-Weight at Morgan Stanley; PT 39 euros
* Continental Raised to Overweight at JPMorgan; PT 100 euros
* Deliveroo Raised to Neutral at BNPP Exane
* Elia Group Raised to Buy at Deutsche Bank; PT 130 euros
* Eurobank Raised to Overweight at Morgan Stanley; PT 2.33 euros
* Fevertree Drinks Raised to Buy at Liberum; PT 1,300 pence
* Hammerson Raised to Add at Peel Hunt; PT 32 pence
* Holmen Raised to Buy at ABG; PT 450 kronor
* ITM Power Raised to Buy at Panmure Gordon; PT 90 pence
* Iveco Raised to Buy at Deutsche Bank; PT 13 euros
* Kjell Group Raised to Buy at Nordea; PT 40 kronor
* Kone Raised to Hold at Nordea
* Kruk Raised to Buy at Biuro Maklerskie mBanku; PT 532.36 zloty
* National Grid Raised to Buy at Deutsche Bank; PT 1,150 pence
* Orsted Raised to Buy at Deutsche Bank; PT 450 kroner
* Redeia Raised to Hold at Deutsche Bank; PT 14.50 euros
* TietoEVRY Raised to Overweight at Morgan Stanley; PT 27.50 euros
Downgrades
* ABB Cut to Sector Perform at RBC; PT 38 Swiss francs
* Alfa Laval Cut to Sector Perform at RBC; PT 420 kronor
* Alleima Cut to Hold at SEB Equities; PT 80 kronor
* Atos Cut to Reduce at HSBC; PT 4 euros
* B3 Consulting Cut to Hold at Pareto Securities; PT 118 kronor
* Burberry Cut to Neutral at Goldman; PT 1,663 pence
* Dassault Aviation Cut to Hold at Deutsche Bank; PT 199 euros
* Enel Cut to Hold at Deutsche Bank; PT 7 euros
* HSBC Cut to Underperform at BNPP Exane
* Hill & Smith Cut to Add at Investec; PT 1,940 pence
* Just Eat Takeaway Cut to Underperform at BNPP Exane
* Know IT Cut to Hold at Pareto Securities; PT 163 kronor
* Lloyds Cut to Neutral at BofA
* Munters Cut to Hold at ABG; PT 170 kronor
* Nexus Cut to Hold at Berenberg
* Pagegroup Cut to Hold at HSBC; PT 420 pence
* Sage Cut to Hold at Peel Hunt; PT 1,187 pence
* Sandvik Cut to Hold at ABG; PT 225 kronor
* Schneider Electric Cut to Underperform at RBC; PT 165 euros
* Scout24 SE Cut to Neutral at BNPP Exane
* Sinch Cut to Underweight at Morgan Stanley; PT 26 kronor
* Trelleborg Cut to Hold at ABG; PT 325 kronor
* Umicore Cut to Accumulate at KBC Securities; PT 29 euros
* VAT Cut to Underperform at RBC; PT 280 Swiss francs
* Verbund Cut to Sell at Deutsche Bank; PT 74 euros
* Wacker Chemie Cut to Hold at HSBC; PT 105 euros
* Worldline Cut to Hold at HSBC; PT 16 euros
Initiation
* Telefonica Reinstated Neutral at JB Capital Markets; PT 4 euros
16. jaanuar Euroopas
Upgrades
* Addnode Group AB Raised to Buy at SEB Equities; PT 100 kronor
* Adyen Raised to Buy at Stifel; PT 1,450 euros
* Aegon Ltd Raised to Buy at Citi; PT 5.84 euros
* Allianz Raised to Buy at Citi; PT 272.80 euros
* Arkema Raised to Overweight at Barclays; PT 134 euros
* Componenta Raised to Buy at Inderes; PT 3 euros
* Dassault Systemes Raised to Buy at Deutsche Bank
* Direct Line Raised to Buy at Berenberg; PT 195 pence
* Dont Nod Entertainment Raised to Buy at Gilbert Dupont
* Elisa Raised to Buy at Nordea; PT 49 euros
* Galp Raised to Neutral at JPMorgan; PT 16.50 euros
* Generali Raised to Buy at Citi; PT 21.97 euros
* Oxford Nanopore Raised to Reduce at Peel Hunt; PT 155 pence
* Persimmon Raised to Buy at Jefferies; PT 1,706 pence
* Publicis Raised to Buy at Goldman; PT 106.10 euros
* SoftwareONE Raised to Buy at Baader Helvea; PT 18 Swiss francs
* Stroeer Raised to Neutral at Goldman; PT 62.20 euros
* UBS Raised to Buy at DZ Bank
* WDP Raised to Hold at SocGen; PT 28.80 euros
Downgrades
* AB InBev Cut to Neutral at Citi; PT 64 euros
* ABN Amro GDRs Cut to Underweight at JPMorgan; PT 13.60 euros
* Also Cut to Add at Baader Helvea; PT 289 Swiss francs
* Aroundtown Cut to Sell at SocGen; PT 2.25 euros
* Banco BPM Cut to Underweight at JPMorgan; PT 4.50 euros
* Bank of Ireland Cut to Underweight at JPMorgan; PT 8 euros
* Believe Cut to Neutral at Goldman; PT 11.50 euros
* Crest Nicholson Cut to Hold at Jefferies; PT 234 pence
* DNB Bank Cut to Hold at Nordea
* Drax Cut to Sell at Citi; PT 437 pence
* Grand City Properties Cut to Hold at SocGen; PT 10.50 euros
* Hannover Re Cut to Neutral at Citi; PT 243.70 euros
* HelloFresh Cut to Sell at Goldman; PT 12.20 euros
* ITV Cut to Sell at Goldman; PT 60 pence
* Inmobiliaria Colonial Cut to Hold at SocGen; PT 6.70 euros
* Marel HF Cut to Neutral at Citi; PT ISK462.69
* Moneysupermarket Cut to Hold at Investec; PT 280 pence
* Moneysupermarket Cut to Hold at Jefferies; PT 265 pence
* Munich Re Cut to Neutral at Citi; PT 419.50 euros
* NX Filtration Cut to Reduce at KBC Securities; PT 4.50 euros
* OKEA Cut to Hold at DNB Markets; PT 28 kroner
* Partners Group Cut to Sell at SocGen; PT 920 Swiss francs
* Reach Cut to Hold at Investec; PT 70 pence
* Rightmove Cut to Underweight at JPMorgan; PT 493 pence
* Roche Cut to Underweight at Morgan Stanley; PT 260 Swiss francs
* Rolls-Royce Cut to Sell at Berenberg; PT 240 pence
* Sabadell Cut to Neutral at JPMorgan; PT 1.20 euros
* Sampo Cut to Hold at Berenberg; PT 44 euros
* Schibsted Cut to Neutral at Goldman; PT 332 kroner
* TAG Immobilien Cut to Hold at SocGen; PT 13.80 euros
* Taylor Wimpey Cut to Hold at Peel Hunt; PT 145 pence
* Wartsila Cut to Neutral at Citi; PT 14 euros
* Wise Cut to Hold at Numis; PT 950 pence
* Worldline Cut to Hold at Stifel; PT 15 euros
Initiations
* Craneware Rated New Overweight at Cantor; PT 2,300 pence
* Eurocommercial Rated New Hold at SocGen; PT 24 euros
* IP Group Rated New Overweight at Cantor; PT 73 pence
* Kazatomprom GDRs Rated New Buy at Canaccord; PT $57
* Keywords Studios Rated New Overweight at Cantor; PT 2,450 pence
* Kinnevik Rated New Overweight at Cantor; PT 157 kronor
* Mercialys Rated New Buy at SocGen; PT 11.50 euros
* Molten Ventures Rated New Overweight at Cantor; PT 315 pence
* Murapol Rated New Buy at Erste Group; PT 49.80 zloty
* Sandoz Group Rated New Buy at Citi; PT 35 Swiss francs
* SmartCraft Rated New Overweight at Cantor; PT 32 kroner
* Stillfront Rated New Neutral at Cantor; PT 13.50 kronor
* Syensqo Rated New Underweight at Barclays; PT 101 euros
* Ubisoft Rated New Neutral at Cantor; PT 25 euros
* VNV Global Rated New Overweight at Cantor; PT 34 kronor
Upgrades
* Addnode Group AB Raised to Buy at SEB Equities; PT 100 kronor
* Adyen Raised to Buy at Stifel; PT 1,450 euros
* Aegon Ltd Raised to Buy at Citi; PT 5.84 euros
* Allianz Raised to Buy at Citi; PT 272.80 euros
* Arkema Raised to Overweight at Barclays; PT 134 euros
* Componenta Raised to Buy at Inderes; PT 3 euros
* Dassault Systemes Raised to Buy at Deutsche Bank
* Direct Line Raised to Buy at Berenberg; PT 195 pence
* Dont Nod Entertainment Raised to Buy at Gilbert Dupont
* Elisa Raised to Buy at Nordea; PT 49 euros
* Galp Raised to Neutral at JPMorgan; PT 16.50 euros
* Generali Raised to Buy at Citi; PT 21.97 euros
* Oxford Nanopore Raised to Reduce at Peel Hunt; PT 155 pence
* Persimmon Raised to Buy at Jefferies; PT 1,706 pence
* Publicis Raised to Buy at Goldman; PT 106.10 euros
* SoftwareONE Raised to Buy at Baader Helvea; PT 18 Swiss francs
* Stroeer Raised to Neutral at Goldman; PT 62.20 euros
* UBS Raised to Buy at DZ Bank
* WDP Raised to Hold at SocGen; PT 28.80 euros
Downgrades
* AB InBev Cut to Neutral at Citi; PT 64 euros
* ABN Amro GDRs Cut to Underweight at JPMorgan; PT 13.60 euros
* Also Cut to Add at Baader Helvea; PT 289 Swiss francs
* Aroundtown Cut to Sell at SocGen; PT 2.25 euros
* Banco BPM Cut to Underweight at JPMorgan; PT 4.50 euros
* Bank of Ireland Cut to Underweight at JPMorgan; PT 8 euros
* Believe Cut to Neutral at Goldman; PT 11.50 euros
* Crest Nicholson Cut to Hold at Jefferies; PT 234 pence
* DNB Bank Cut to Hold at Nordea
* Drax Cut to Sell at Citi; PT 437 pence
* Grand City Properties Cut to Hold at SocGen; PT 10.50 euros
* Hannover Re Cut to Neutral at Citi; PT 243.70 euros
* HelloFresh Cut to Sell at Goldman; PT 12.20 euros
* ITV Cut to Sell at Goldman; PT 60 pence
* Inmobiliaria Colonial Cut to Hold at SocGen; PT 6.70 euros
* Marel HF Cut to Neutral at Citi; PT ISK462.69
* Moneysupermarket Cut to Hold at Investec; PT 280 pence
* Moneysupermarket Cut to Hold at Jefferies; PT 265 pence
* Munich Re Cut to Neutral at Citi; PT 419.50 euros
* NX Filtration Cut to Reduce at KBC Securities; PT 4.50 euros
* OKEA Cut to Hold at DNB Markets; PT 28 kroner
* Partners Group Cut to Sell at SocGen; PT 920 Swiss francs
* Reach Cut to Hold at Investec; PT 70 pence
* Rightmove Cut to Underweight at JPMorgan; PT 493 pence
* Roche Cut to Underweight at Morgan Stanley; PT 260 Swiss francs
* Rolls-Royce Cut to Sell at Berenberg; PT 240 pence
* Sabadell Cut to Neutral at JPMorgan; PT 1.20 euros
* Sampo Cut to Hold at Berenberg; PT 44 euros
* Schibsted Cut to Neutral at Goldman; PT 332 kroner
* TAG Immobilien Cut to Hold at SocGen; PT 13.80 euros
* Taylor Wimpey Cut to Hold at Peel Hunt; PT 145 pence
* Wartsila Cut to Neutral at Citi; PT 14 euros
* Wise Cut to Hold at Numis; PT 950 pence
* Worldline Cut to Hold at Stifel; PT 15 euros
Initiations
* Craneware Rated New Overweight at Cantor; PT 2,300 pence
* Eurocommercial Rated New Hold at SocGen; PT 24 euros
* IP Group Rated New Overweight at Cantor; PT 73 pence
* Kazatomprom GDRs Rated New Buy at Canaccord; PT $57
* Keywords Studios Rated New Overweight at Cantor; PT 2,450 pence
* Kinnevik Rated New Overweight at Cantor; PT 157 kronor
* Mercialys Rated New Buy at SocGen; PT 11.50 euros
* Molten Ventures Rated New Overweight at Cantor; PT 315 pence
* Murapol Rated New Buy at Erste Group; PT 49.80 zloty
* Sandoz Group Rated New Buy at Citi; PT 35 Swiss francs
* SmartCraft Rated New Overweight at Cantor; PT 32 kroner
* Stillfront Rated New Neutral at Cantor; PT 13.50 kronor
* Syensqo Rated New Underweight at Barclays; PT 101 euros
* Ubisoft Rated New Neutral at Cantor; PT 25 euros
* VNV Global Rated New Overweight at Cantor; PT 34 kronor
19. jaanuar Euroopas
Upgrades
* Assa Abloy Raised to Buy at Redburn; PT 360 kronor
* Basler Raised to Buy at Berenberg; PT 14 euros
* Ceres Power Raised to Neutral at Bryan Garnier; PT 220 pence
* Credit Agricole Raised to Equal-Weight at Morgan Stanley
* Ebro Foods Raised to Outperform at BNPP Exane
* Elior Group Raised to Hold at Stifel; PT 2.60 euros
* KBC Raised to Overweight at Morgan Stanley
* Kingspan Raised to Hold at Jefferies; PT 72.50 euros
* Leroy Raised to Overweight at Barclays; PT 55 kroner
* Lifco Raised to Buy at SEB Equities; PT 270 kronor
* Mowi Raised to Overweight at Barclays; PT 250 kroner
* OKEA Raised to Buy at Arctic Securities; PT 29 kroner
* Persimmon Raised to Overweight at Morgan Stanley; PT 1,685 pence
* Richemont Raised to Buy at SBG Securities; PT 136 Swiss francs
* Richemont Raised to Outperform at Grupo Santander
* Salmar Raised to Equal-Weight at Barclays; PT 600 kroner
* Schneider Electric Raised to Buy at Redburn; PT 220 euros
* Teleperformance Raised to Buy at Stifel; PT 200 euros
* Webstep Raised to Buy at Arctic Securities; PT 26 kroner
Downgrades
* Cargotec Cut to Reduce at OP Corporate Bank; PT 49 euros
* Corbion Cut to Sell at ING; PT 13.40 euros
* Efecte Cut to Reduce at Inderes; PT 15 euros
* Ericsson Cut to Underweight at Barclays
* Fabege Cut to Sell at ABG; PT 90 kronor
* Greenvolt Cut to Neutral at BNPP Exane
* Klarabo Sverige Cut to Hold at ABG; PT 17 kronor
* Legrand Cut to Neutral at Redburn; PT 110 euros
* Meyer Burger Cut to Hold at Deutsche Bank; PT 0.11 Swiss francs
* Nokia Cut to Underweight at Barclays
* Pandox Cut to Hold at ABG; PT 145 kronor
* Solaria Energia Cut to Neutral at Citi; PT 15.50 euros
* Unicaja Cut to Hold at SocGen; PT 97 euro cents
* Watches of Switzerland Cut to Hold at SocGen; PT 418 pence
Initiations
* Grenergy Renovables Rated New Buy at SocGen; PT 43.30 euros
Upgrades
* Assa Abloy Raised to Buy at Redburn; PT 360 kronor
* Basler Raised to Buy at Berenberg; PT 14 euros
* Ceres Power Raised to Neutral at Bryan Garnier; PT 220 pence
* Credit Agricole Raised to Equal-Weight at Morgan Stanley
* Ebro Foods Raised to Outperform at BNPP Exane
* Elior Group Raised to Hold at Stifel; PT 2.60 euros
* KBC Raised to Overweight at Morgan Stanley
* Kingspan Raised to Hold at Jefferies; PT 72.50 euros
* Leroy Raised to Overweight at Barclays; PT 55 kroner
* Lifco Raised to Buy at SEB Equities; PT 270 kronor
* Mowi Raised to Overweight at Barclays; PT 250 kroner
* OKEA Raised to Buy at Arctic Securities; PT 29 kroner
* Persimmon Raised to Overweight at Morgan Stanley; PT 1,685 pence
* Richemont Raised to Buy at SBG Securities; PT 136 Swiss francs
* Richemont Raised to Outperform at Grupo Santander
* Salmar Raised to Equal-Weight at Barclays; PT 600 kroner
* Schneider Electric Raised to Buy at Redburn; PT 220 euros
* Teleperformance Raised to Buy at Stifel; PT 200 euros
* Webstep Raised to Buy at Arctic Securities; PT 26 kroner
Downgrades
* Cargotec Cut to Reduce at OP Corporate Bank; PT 49 euros
* Corbion Cut to Sell at ING; PT 13.40 euros
* Efecte Cut to Reduce at Inderes; PT 15 euros
* Ericsson Cut to Underweight at Barclays
* Fabege Cut to Sell at ABG; PT 90 kronor
* Greenvolt Cut to Neutral at BNPP Exane
* Klarabo Sverige Cut to Hold at ABG; PT 17 kronor
* Legrand Cut to Neutral at Redburn; PT 110 euros
* Meyer Burger Cut to Hold at Deutsche Bank; PT 0.11 Swiss francs
* Nokia Cut to Underweight at Barclays
* Pandox Cut to Hold at ABG; PT 145 kronor
* Solaria Energia Cut to Neutral at Citi; PT 15.50 euros
* Unicaja Cut to Hold at SocGen; PT 97 euro cents
* Watches of Switzerland Cut to Hold at SocGen; PT 418 pence
Initiations
* Grenergy Renovables Rated New Buy at SocGen; PT 43.30 euros
USA ja Kanada
* Upgrades
** AT&T (T) Raised to Outperform at Oppenheimer; PT $21
** Crown Castle (CCI) Raised to Market Perform at BMO; PT $110
** DraftKings (DKNG) Raised to Buy at Stifel; PT $45
** Fiverr (FVRR) Raised to Buy at Goldman; PT $43
** IBM (IBM) Raised to Outperform at Evercore ISI; PT $200
** Itron (ITRI) Raised to Outperform at Oppenheimer; PT $81
** Roku (ROKU) Raised to Neutral at Seaport Global Securities
** Silk Road Medical (SILK) Raised to Buy at Stifel
* Downgrades
** Blackstone (BX) Cut to Neutral at Citi; PT $124
** Chegg (CHGG) Cut to Sell at Goldman; PT $8
** Coursera (COUR) Cut to Sell at Goldman; PT $14
** Discover Financial (DFS) Cut to Hold at HSBC; PT $107
** DraftKings (DKNG) Cut to Underperform at BNPP Exane; PT $28
** Duolingo (DUOL) Cut to Sell at Goldman; PT $160
** GAP Airports (GAPB MM) ADRs Cut to Neutral at Bradesco BBI; PT $160
** Hertz (HTZ) Cut to Hold at Jefferies; PT $8
** LCI Industries (LCII) Cut to Hold at Truist Secs; PT $110
** OMA (OMAB MM) ADRs Cut to Underperform at Bradesco BBI; PT $70
** Richelieu Hardware (RCH CN) Cut to Sector Perform at National Bank
** Trillion Energy International (TCF CN) Cut to Neutral at Eight Capital
** Universal Display (OLED) Cut to Neutral at Citi; PT $180
** ZipRecruiter (ZIP) Cut to Neutral at Goldman; PT $15
* Initiations
** ADT Inc (ADT) Rated New Buy at Baptista Research; PT $8.40
** Alight (ALIT) Resumed Buy at Citi; PT $12
** Appfolio (APPF) Rated New Buy at BTIG; PT $215
** Arrow Electronics (ARW) Rated New Hold at Baptista Research
** BHP (BHP AU) ADRs Rated New Hold at Berenberg; PT $56
** Builders FirstSource (BLDR) Rated New Outperform at Oppenheimer
** CoStar (CSGP) Rated New Neutral at BTIG
** CRH (CRH) Rated New Buy at DA Davidson; PT $82
** Fortune Brands (FBIN) Rated New Perform at Oppenheimer
** Inspire Medical (INSP) Rated New Buy at Jefferies; PT $245
** Jeld-Wen (JELD) Rated New Market Perform at Oppenheimer
** Masco (MAS) Rated New Perform at Oppenheimer
** Masonite (DOOR) Rated New Outperform at Oppenheimer
** Matterport (MTTR) Rated New Neutral at BTIG
** Motorola Solutions (MSI) Reinstated Buy at Deutsche Bank; PT $350
** Novanta (NOVT) Rated New Hold at Baptista Research; PT $162.90
** Orchestra BioMed (OBIO) Rated New Buy at Jefferies; PT $14
** Pactiv Evergreen (PTVE) Rated New Buy at Jefferies; PT $18
** SmartRent (SMRT) Rated New Buy at BTIG; PT $4.50
* Upgrades
** AT&T (T) Raised to Outperform at Oppenheimer; PT $21
** Crown Castle (CCI) Raised to Market Perform at BMO; PT $110
** DraftKings (DKNG) Raised to Buy at Stifel; PT $45
** Fiverr (FVRR) Raised to Buy at Goldman; PT $43
** IBM (IBM) Raised to Outperform at Evercore ISI; PT $200
** Itron (ITRI) Raised to Outperform at Oppenheimer; PT $81
** Roku (ROKU) Raised to Neutral at Seaport Global Securities
** Silk Road Medical (SILK) Raised to Buy at Stifel
* Downgrades
** Blackstone (BX) Cut to Neutral at Citi; PT $124
** Chegg (CHGG) Cut to Sell at Goldman; PT $8
** Coursera (COUR) Cut to Sell at Goldman; PT $14
** Discover Financial (DFS) Cut to Hold at HSBC; PT $107
** DraftKings (DKNG) Cut to Underperform at BNPP Exane; PT $28
** Duolingo (DUOL) Cut to Sell at Goldman; PT $160
** GAP Airports (GAPB MM) ADRs Cut to Neutral at Bradesco BBI; PT $160
** Hertz (HTZ) Cut to Hold at Jefferies; PT $8
** LCI Industries (LCII) Cut to Hold at Truist Secs; PT $110
** OMA (OMAB MM) ADRs Cut to Underperform at Bradesco BBI; PT $70
** Richelieu Hardware (RCH CN) Cut to Sector Perform at National Bank
** Trillion Energy International (TCF CN) Cut to Neutral at Eight Capital
** Universal Display (OLED) Cut to Neutral at Citi; PT $180
** ZipRecruiter (ZIP) Cut to Neutral at Goldman; PT $15
* Initiations
** ADT Inc (ADT) Rated New Buy at Baptista Research; PT $8.40
** Alight (ALIT) Resumed Buy at Citi; PT $12
** Appfolio (APPF) Rated New Buy at BTIG; PT $215
** Arrow Electronics (ARW) Rated New Hold at Baptista Research
** BHP (BHP AU) ADRs Rated New Hold at Berenberg; PT $56
** Builders FirstSource (BLDR) Rated New Outperform at Oppenheimer
** CoStar (CSGP) Rated New Neutral at BTIG
** CRH (CRH) Rated New Buy at DA Davidson; PT $82
** Fortune Brands (FBIN) Rated New Perform at Oppenheimer
** Inspire Medical (INSP) Rated New Buy at Jefferies; PT $245
** Jeld-Wen (JELD) Rated New Market Perform at Oppenheimer
** Masco (MAS) Rated New Perform at Oppenheimer
** Masonite (DOOR) Rated New Outperform at Oppenheimer
** Matterport (MTTR) Rated New Neutral at BTIG
** Motorola Solutions (MSI) Reinstated Buy at Deutsche Bank; PT $350
** Novanta (NOVT) Rated New Hold at Baptista Research; PT $162.90
** Orchestra BioMed (OBIO) Rated New Buy at Jefferies; PT $14
** Pactiv Evergreen (PTVE) Rated New Buy at Jefferies; PT $18
** SmartRent (SMRT) Rated New Buy at BTIG; PT $4.50
22. jaanuar Euroopas
Upgrades
* ASML Raised to Outperform at Bernstein
* Aviva Raised to Outperform at Mediobanca SpA; PT 549 pence
* Corem Property Raised to Buy at Kepler Cheuvreux; PT 11 kronor
* Dustin Raised to Buy at ABG; PT 15 kronor
* Fabege Raised to Buy at Kepler Cheuvreux; PT 110 kronor
* FastPartner Raised to Buy at Kepler Cheuvreux; PT 70 kronor
* Investor AB Raised to Buy at Pareto Securities; PT 254 kronor
* Segro Raised to Buy at Citi; PT 1,069 pence
* UCB Raised to Buy at Citi; PT 108 euros
Downgrades
* Admiral Cut to Underperform at Mediobanca SpA; PT 2,549 pence
* Commerzbank Cut to Underperform at BofA
* Forvia Cut to Hold at Kepler Cheuvreux; PT 20 euros
* GN Store Nord Cut to Add at AlphaValue/Baader
* Genmab Cut to Sell at Citi; PT 1,765 kroner
* Huhtamaki Cut to Hold at Danske Bank Markets; PT 38 euros
* Maisons du Monde Cut to Sell at Bryan Garnier; PT 4 euros
* NP3 Fastigheter Cut to Hold at Kepler Cheuvreux; PT 215 kronor
* Nordex Cut to Hold at Bankhaus Metzler; PT 9.10 euros
* Paradox Interactive Cut to Sell at Handelsbanken
* SAP Cut to Underperform at Grupo Santander; PT 125 euros
* SEB Cut to Hold at Handelsbanken
* Sage Cut to Underweight at Barclays; PT 985 pence
* Stratec Cut to Hold at Hauck & Aufhaeuser; PT 40 euros
* Sweco Cut to Hold at Kepler Cheuvreux; PT 125 kronor
* Valeo Cut to Reduce at Kepler Cheuvreux; PT 11 euros
* Wavestone Cut to Hold at Kepler Cheuvreux; PT 65 euros
Initiations
* Dios Rated New Hold at SEB Equities; PT 80 kronor
* Link Mobility Group Holding Rated New Buy at Pareto Securities
Upgrades
* ASML Raised to Outperform at Bernstein
* Aviva Raised to Outperform at Mediobanca SpA; PT 549 pence
* Corem Property Raised to Buy at Kepler Cheuvreux; PT 11 kronor
* Dustin Raised to Buy at ABG; PT 15 kronor
* Fabege Raised to Buy at Kepler Cheuvreux; PT 110 kronor
* FastPartner Raised to Buy at Kepler Cheuvreux; PT 70 kronor
* Investor AB Raised to Buy at Pareto Securities; PT 254 kronor
* Segro Raised to Buy at Citi; PT 1,069 pence
* UCB Raised to Buy at Citi; PT 108 euros
Downgrades
* Admiral Cut to Underperform at Mediobanca SpA; PT 2,549 pence
* Commerzbank Cut to Underperform at BofA
* Forvia Cut to Hold at Kepler Cheuvreux; PT 20 euros
* GN Store Nord Cut to Add at AlphaValue/Baader
* Genmab Cut to Sell at Citi; PT 1,765 kroner
* Huhtamaki Cut to Hold at Danske Bank Markets; PT 38 euros
* Maisons du Monde Cut to Sell at Bryan Garnier; PT 4 euros
* NP3 Fastigheter Cut to Hold at Kepler Cheuvreux; PT 215 kronor
* Nordex Cut to Hold at Bankhaus Metzler; PT 9.10 euros
* Paradox Interactive Cut to Sell at Handelsbanken
* SAP Cut to Underperform at Grupo Santander; PT 125 euros
* SEB Cut to Hold at Handelsbanken
* Sage Cut to Underweight at Barclays; PT 985 pence
* Stratec Cut to Hold at Hauck & Aufhaeuser; PT 40 euros
* Sweco Cut to Hold at Kepler Cheuvreux; PT 125 kronor
* Valeo Cut to Reduce at Kepler Cheuvreux; PT 11 euros
* Wavestone Cut to Hold at Kepler Cheuvreux; PT 65 euros
Initiations
* Dios Rated New Hold at SEB Equities; PT 80 kronor
* Link Mobility Group Holding Rated New Buy at Pareto Securities
23. jaanuar Euroopas
Upgrades
* Campari Raised to Buy at Citi; PT 10.50 euros
* Hapag-Lloyd Raised to Hold at Bankhaus Metzler; PT 150 euros
* HelloFresh Raised to Overweight at Morgan Stanley; PT 17 euros
* IDS Raised to Buy at HSBC; PT 314 pence
* Integrated Diagnostics Raised to Buy at HSBC; PT 78 cents
* JSW Raised to Buy at Citi; PT 90 zloty
* LDA SM Raised to Outperform at Grupo Santander; PT 1.11 euros
* Nordex Raised to Buy at Goldman; PT 15 euros
* Schindler Raised to Buy at Jefferies; PT 240 Swiss francs
* Servizi Italia Raised to Buy at TP ICAP Midcap; PT 2 euros
* Sodexo Raised to Buy at HSBC; PT 120 euros
* Solaria Energia Raised to Outperform at Renta 4; PT 18.30 euros
* TF1 Raised to Outperform at Oddo BHF
* Telefonica Raised to Neutral at Alantra Equities; PT 4.06 euros
Downgrades
* Compass Group Cut to Hold at HSBC; PT 2,370 pence
* Encavis Cut to Sell at Stifel; PT 11.50 euros
* FirstGroup Cut to Hold at HSBC; PT 180 pence
* IAG Cut to Neutral at Oddo BHF
* Iberdrola Cut to Equal-Weight at Barclays
* Kindred GDRs Cut to Hold at ABG; PT 130 kronor
* Lufthansa Cut to Neutral at Oddo BHF
* M6 Cut to Neutral at Oddo BHF; PT 18 euros
* Nemetschek Cut to Hold at Bankhaus Metzler; PT 80 euros
* Orsted Cut to Neutral at Oddo BHF; PT 400 kroner
* Permascand Top Holding Cut to Hold at ABG; PT 17 kronor
* Saab Cut to Hold at SEB Equities; PT 725 kronor
* Victrex Cut to Hold at Berenberg; PT 1,680 pence
Initiations
* Sandoz Group Rated New Buy at SocGen; PT 38 Swiss francs
* Spirax Re-Initiated Hold at Berenberg
Upgrades
* Campari Raised to Buy at Citi; PT 10.50 euros
* Hapag-Lloyd Raised to Hold at Bankhaus Metzler; PT 150 euros
* HelloFresh Raised to Overweight at Morgan Stanley; PT 17 euros
* IDS Raised to Buy at HSBC; PT 314 pence
* Integrated Diagnostics Raised to Buy at HSBC; PT 78 cents
* JSW Raised to Buy at Citi; PT 90 zloty
* LDA SM Raised to Outperform at Grupo Santander; PT 1.11 euros
* Nordex Raised to Buy at Goldman; PT 15 euros
* Schindler Raised to Buy at Jefferies; PT 240 Swiss francs
* Servizi Italia Raised to Buy at TP ICAP Midcap; PT 2 euros
* Sodexo Raised to Buy at HSBC; PT 120 euros
* Solaria Energia Raised to Outperform at Renta 4; PT 18.30 euros
* TF1 Raised to Outperform at Oddo BHF
* Telefonica Raised to Neutral at Alantra Equities; PT 4.06 euros
Downgrades
* Compass Group Cut to Hold at HSBC; PT 2,370 pence
* Encavis Cut to Sell at Stifel; PT 11.50 euros
* FirstGroup Cut to Hold at HSBC; PT 180 pence
* IAG Cut to Neutral at Oddo BHF
* Iberdrola Cut to Equal-Weight at Barclays
* Kindred GDRs Cut to Hold at ABG; PT 130 kronor
* Lufthansa Cut to Neutral at Oddo BHF
* M6 Cut to Neutral at Oddo BHF; PT 18 euros
* Nemetschek Cut to Hold at Bankhaus Metzler; PT 80 euros
* Orsted Cut to Neutral at Oddo BHF; PT 400 kroner
* Permascand Top Holding Cut to Hold at ABG; PT 17 kronor
* Saab Cut to Hold at SEB Equities; PT 725 kronor
* Victrex Cut to Hold at Berenberg; PT 1,680 pence
Initiations
* Sandoz Group Rated New Buy at SocGen; PT 38 Swiss francs
* Spirax Re-Initiated Hold at Berenberg
24. jaanuar Euroopas
Upgrades
* Adidas Raised to Outperform at Oddo BHF
* Antares Vision Raised to Buy at Equita; PT 2.70 euros
* Big Yellow Group Raised to Buy at Panmure Gordon; PT 1,410 pence
* Centamin Raised to Buy at Liberum; PT 109 pence
* Great Portland Raised to Buy at Panmure Gordon; PT 470 pence
* Hammerson Raised to Neutral at BNPP Exane; PT 29 pence
* LEG Immobilien Raised to Outperform at BNPP Exane; PT 90 euros
* Unibail Raised to Outperform at BNPP Exane; PT 80 euros
* VGP Raised to Neutral at BNPP Exane; PT 110 euros
* flatexDEGIRO Raised to Buy at Deutsche Bank; PT 13 euros
Downgrades
* Assura Cut to Hold at Panmure Gordon; PT 50 pence
* British Land Cut to Hold at Panmure Gordon; PT 400 pence
* Cellavision Cut to Hold at Pareto Securities; PT 200 kronor
* Crest Nicholson Cut to Hold at Peel Hunt; PT 220 pence
* Econocom Cut to Hold at Bank Degroof Petercam
* Ericsson Cut to Hold at SEB Equities; PT 67 kronor
* Gecina Cut to Neutral at BNPP Exane; PT 120 euros
* Kindred GDRs Cut to Hold at Berenberg; PT 130 kronor
* Kuehne + Nagel Cut to Reduce at HSBC; PT 235 Swiss francs
* Land Sec. Cut to Hold at Panmure Gordon; PT 710 pence
* Land Sec. Cut to Neutral at BNPP Exane; PT 720 pence
* NCC Cut to Hold at Handelsbanken
* Regional REIT Cut to Hold at Panmure Gordon; PT 40 pence
* Richemont Cut to Accumulate at CLSA; PT 125 Swiss francs
* Senior Cut to Equal-Weight at Barclays; PT 168 pence
* Shaftesbury Capital Cut to Hold at Panmure Gordon; PT 150 pence
* Swatch Cut to Neutral at Mediobanca SpA; PT 240 Swiss francs
* Thales Cut to Equal-Weight at Morgan Stanley; PT 150 euros
* Wallenstam Cut to Hold at Nordea
Initiations
* Atrato Onsite Energy Rated New Buy at Stifel
* BMW Reinstated Buy at Redburn; PT 120 euros
* Edda Wind Rated New Buy at SpareBank; PT 32 kroner
* Greggs Rated New Hold at Numis; PT 2,560 pence
* Medacta Rated New Buy at Berenberg; PT 150 Swiss francs
* Mercedes Reinstated Neutral at Redburn; PT 67 euros
* Porsche AG Reinstated Neutral at Redburn; PT 85 euros
* Renault Reinstated Neutral at Redburn; PT 39 euros
* VW Reinstated Sell at Redburn; PT 106 euros
* Volue Rated New Buy at SpareBank; PT 28 kroner
Upgrades
* Adidas Raised to Outperform at Oddo BHF
* Antares Vision Raised to Buy at Equita; PT 2.70 euros
* Big Yellow Group Raised to Buy at Panmure Gordon; PT 1,410 pence
* Centamin Raised to Buy at Liberum; PT 109 pence
* Great Portland Raised to Buy at Panmure Gordon; PT 470 pence
* Hammerson Raised to Neutral at BNPP Exane; PT 29 pence
* LEG Immobilien Raised to Outperform at BNPP Exane; PT 90 euros
* Unibail Raised to Outperform at BNPP Exane; PT 80 euros
* VGP Raised to Neutral at BNPP Exane; PT 110 euros
* flatexDEGIRO Raised to Buy at Deutsche Bank; PT 13 euros
Downgrades
* Assura Cut to Hold at Panmure Gordon; PT 50 pence
* British Land Cut to Hold at Panmure Gordon; PT 400 pence
* Cellavision Cut to Hold at Pareto Securities; PT 200 kronor
* Crest Nicholson Cut to Hold at Peel Hunt; PT 220 pence
* Econocom Cut to Hold at Bank Degroof Petercam
* Ericsson Cut to Hold at SEB Equities; PT 67 kronor
* Gecina Cut to Neutral at BNPP Exane; PT 120 euros
* Kindred GDRs Cut to Hold at Berenberg; PT 130 kronor
* Kuehne + Nagel Cut to Reduce at HSBC; PT 235 Swiss francs
* Land Sec. Cut to Hold at Panmure Gordon; PT 710 pence
* Land Sec. Cut to Neutral at BNPP Exane; PT 720 pence
* NCC Cut to Hold at Handelsbanken
* Regional REIT Cut to Hold at Panmure Gordon; PT 40 pence
* Richemont Cut to Accumulate at CLSA; PT 125 Swiss francs
* Senior Cut to Equal-Weight at Barclays; PT 168 pence
* Shaftesbury Capital Cut to Hold at Panmure Gordon; PT 150 pence
* Swatch Cut to Neutral at Mediobanca SpA; PT 240 Swiss francs
* Thales Cut to Equal-Weight at Morgan Stanley; PT 150 euros
* Wallenstam Cut to Hold at Nordea
Initiations
* Atrato Onsite Energy Rated New Buy at Stifel
* BMW Reinstated Buy at Redburn; PT 120 euros
* Edda Wind Rated New Buy at SpareBank; PT 32 kroner
* Greggs Rated New Hold at Numis; PT 2,560 pence
* Medacta Rated New Buy at Berenberg; PT 150 Swiss francs
* Mercedes Reinstated Neutral at Redburn; PT 67 euros
* Porsche AG Reinstated Neutral at Redburn; PT 85 euros
* Renault Reinstated Neutral at Redburn; PT 39 euros
* VW Reinstated Sell at Redburn; PT 106 euros
* Volue Rated New Buy at SpareBank; PT 28 kroner
25. jaanuar Euroopas
Upgrades
* Admiral Raised to Neutral at JPMorgan
* Bawag Raised to Accumulate at Erste Group; PT 56 euros
* Buzzi SpA Raised to Buy at Berenberg
* FDJ Raised to Outperform at BNPP Exane; PT 43 euros
* Pihlajalinna Raised to Accumulate at Inderes; PT 8 euros
* Workspace Raised to Add at Numis; PT 640 pence
Downgrades
* Benchmark Holdings Cut to Hold at Investec; PT 42 pence
* Everfuel Cut to Neutral at SpareBank; PT 10 kroner
* Fuller Smith & Turner Cut to Hold at Peel Hunt; PT 700 pence
* Gjensidige Cut to Sell at Carnegie; PT 170 kroner
* Grieg Seafood Cut to Sell at Danske Bank Markets
* HighCo Cut to Underperform at Oddo BHF; PT 3.60 euros
* IMCD Cut to Hold at KBC Securities
* IntegraFin Cut to Hold at Shore Capital; PT 300 pence
* J. Martins Cut to Neutral at Bryan Garnier; PT 21 euros
* Mowi Cut to Hold at Danske Bank Markets
* Puma Cut to Hold at Jefferies; PT 40 euros
* Puma Cut to Neutral at Oddo BHF; PT 44 euros
* UniCredit Cut to Hold at Deutsche Bank; PT 27.90 euros
* Vetoquinol Cut to Reduce at Gilbert Dupont; PT 97 euros
Initiations
* Ashtead Reinstated Buy at Panmure Gordon; PT 6,333 pence
* Brembo Rated New Buy at Berenberg; PT 14 euros
* Centamin Rated New Buy at Canaccord; PT 130 pence
* Direct Line Resumed Overweight at JPMorgan
* European Metals Rated New Buy at Liberum; PT 69 pence
* Grainger Rated New Buy at HSBC; PT 295 pence
* Kongsberg Resumed Buy at Carnegie
Upgrades
* Admiral Raised to Neutral at JPMorgan
* Bawag Raised to Accumulate at Erste Group; PT 56 euros
* Buzzi SpA Raised to Buy at Berenberg
* FDJ Raised to Outperform at BNPP Exane; PT 43 euros
* Pihlajalinna Raised to Accumulate at Inderes; PT 8 euros
* Workspace Raised to Add at Numis; PT 640 pence
Downgrades
* Benchmark Holdings Cut to Hold at Investec; PT 42 pence
* Everfuel Cut to Neutral at SpareBank; PT 10 kroner
* Fuller Smith & Turner Cut to Hold at Peel Hunt; PT 700 pence
* Gjensidige Cut to Sell at Carnegie; PT 170 kroner
* Grieg Seafood Cut to Sell at Danske Bank Markets
* HighCo Cut to Underperform at Oddo BHF; PT 3.60 euros
* IMCD Cut to Hold at KBC Securities
* IntegraFin Cut to Hold at Shore Capital; PT 300 pence
* J. Martins Cut to Neutral at Bryan Garnier; PT 21 euros
* Mowi Cut to Hold at Danske Bank Markets
* Puma Cut to Hold at Jefferies; PT 40 euros
* Puma Cut to Neutral at Oddo BHF; PT 44 euros
* UniCredit Cut to Hold at Deutsche Bank; PT 27.90 euros
* Vetoquinol Cut to Reduce at Gilbert Dupont; PT 97 euros
Initiations
* Ashtead Reinstated Buy at Panmure Gordon; PT 6,333 pence
* Brembo Rated New Buy at Berenberg; PT 14 euros
* Centamin Rated New Buy at Canaccord; PT 130 pence
* Direct Line Resumed Overweight at JPMorgan
* European Metals Rated New Buy at Liberum; PT 69 pence
* Grainger Rated New Buy at HSBC; PT 295 pence
* Kongsberg Resumed Buy at Carnegie