Upgrades
- Svenska Cellulosa (SVCBF) upgraded by Danske Bank from Hold to Buy
- Stora Enso (SEOAY) upgraded by Danske Bank from Hold to Buy
- UPM-Kymmene (UPMMY) upgraded by Danske Bank from Hold to Buy
- Metsa Board (MTSAF) upgraded by Danske Bank from Hold to Buy
- BT Group (BTGOF) upgraded by Deutsche Bank from Sell to Hold
- Beazley (BZLYF) upgraded by Investec from Hold to Buy
- Lancashire (LCSHF) upgraded by Investec from Hold to Buy
- Eurocash (EUSHF) upgraded by Erste Group from Reduce to Hold
- Polski Koncern Naftowy (PSKOF) upgraded by HSBC from Hold to Buy
- Entain (GMVHF) upgraded by HSBC from Hold to Buy
- CD Projekt (OTGLY) upgraded by Bernstein from Underperform to Market Perform
- Eurofins Scientific (ERFSF) upgraded by Societe Generale from Sell to Hold
- Aegon (AEG) upgraded by Societe Generale from Hold to Buy
- Cascades (CADNF) upgraded by RBC Capital from Sector Perform to Outperform
- Piraeus Bank (BPIRY) upgraded by JPMorgan from Neutral to Overweight
- Wipro (WIT) upgraded by Goldman Sachs from Sell to Buy
Downgrades
- Health Catalyst (HCAT) downgraded by Piper Sandler from Overweight to Neutral
- Dow Inc. (DOW) downgraded by Jefferies from Buy to Hold
- MTU Aero Engines (MTUAY) downgraded by BofA from Buy to Neutral
- Outokumpu (OUTKY) downgraded by Oddo BHF from Neutral to Underperform
- Associated British Foods (ASBFY) downgraded by Investec from Add to Hold
- Metro Bank (MBNKF) downgraded by Investec from Buy to Hold
- Hiscox (HCXLF) downgraded by Investec from Buy to Hold
- Volkswagen (VWAGY) downgraded by HSBC from Buy to Hold
- Allianz (ALIZY) downgraded by Societe Generale from Buy to Hold
- Oatly Group (OTLY) downgraded by Credit Suisse from Outperform to Neutral
- South32 (SOUHY) downgraded by Citi from Buy to Neutral
- Adobe (ADBE) downgraded by BMO Capital from Outperform to Market Perform
- Steven Madden (SHOO) downgraded by Loop Capital from Buy to Hold
- Komatsu (KMTUY) downgraded by Citi from Buy to Neutral
- Tyson Foods (TSN) downgraded by Argus from Buy to Hold
- Infosys (INFY) downgraded by Goldman Sachs from Conviction Buy to Sell
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