Upgrades
- Colruyt (CUYTY) upgraded by Goldman Sachs from Sell to Buy
- Novartis (NVS) upgraded by Kepler Cheuvreux from Hold to Buy
- Fresnillo (FNLPF) upgraded by Peel Hunt from Add to Buy
- NCC Group (NCCGF) upgraded by Investec from Hold to Buy
- Munich Re (MURGY) upgraded by Morgan Stanley from Equal Weight to Overweight
- Pinterest (PINS) upgraded by Wolfe Research from Peer Perform to Outperform
- Equinor (EQNR) upgraded by SEB Equities from Hold to Buy
- Talanx (TNXXF) upgraded by HSBC from Hold to Buy
- Carsales.com (CSXXY) upgraded by Macquarie from Neutral to Outperform
- Netflix (NFLX) upgraded by Macquarie from Underperform to Neutral
- Sampo (SAXPY) upgraded by Citi from Sell to Neutral
- Admiral Group (AMIGY) upgraded by UBS from Neutral to Buy
- Air China (AICAF) upgraded by JPMorgan from Neutral to Overweight
- Ryman Hospitality (RHP) upgraded by Truist from Hold to Buy
Downgrades
- Airbus (EADSY) downgraded by Goldman Sachs from Conviction Buy to Buy
- Signify Health (SGFY) downgraded by BTIG from Buy to Neutral
- NH Hotel Group (NHHEF) downgraded by Deutsche Bank from Buy to Hold
- Melia Hotels (SMIZF) downgraded by Deutsche Bank from Buy to Hold
- ChannelAdvisor (ECOM) downgraded by B. Riley from Buy to Neutral
- Uniper (UNPRF) downgraded by Credit Suisse from Neutral to Underperform
- Fortum (FOJCY) downgraded by Berenberg from Buy to Hold
- AstraZeneca (AZN) downgraded by Morgan Stanley from Overweight to Equal Weight
- Kingsoft Cloud (KC) downgraded by Citi from Buy to Neutral
- Allianz (ALIZY) downgraded by Morgan Stanley from Overweight to Equal Weight
- Phoenix (PNXGF) downgraded by Morgan Stanley from Equal Weight to Underweight
- Alumina (AWCMY) downgraded by Macquarie from Neutral to Underperform
- Lionsgate (LGF.A) downgraded by Wolfe Research from Outperform to Peer Perform
- Electronic Arts (EA) downgraded by MKM Partners from Buy to Neutral
- Signify Health (SGFY) downgraded by Guggenheim from Buy to Neutral
- Veritex (VBTX) downgraded by Stephens from Overweight to Equal Weight
- Bank of Nova Scotia (BNS) downgraded by Desjardins from Buy to Hold
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