Upgrades
- NEC Corp. (NIPNF) upgraded by Citi from Sell to Neutral
- ACM Research (ACMR) from Buy upgraded by Jefferies from Underperform to Buy
- Galp Energia (GLPEY) from Buy upgraded by Exane BNP Paribas from Neutral to Outperform
- Givaudan (GVDNY) from Buy upgraded by Stifel from Hold to Buy
- KWS Saat (KNKZF) from Buy upgraded by Stifel from Hold to Buy
- Lazard (LAZ) from Buy upgraded by Wolfe Research from Underperform to Peer Perform
- AddLife (ADDLF) from Buy upgraded by SEB Equities from Sell to Hold
- Southern Company (SO) from Buy upgraded by Goldman Sachs from Buy to Conviction Buy
Downgrades
- Symrise (SYIEY) from Buy downgraded by Goldman Sachs from Buy to Neutral
- Zalando (ZLNDY) from Buy downgraded by HSBC from Buy to Hold
- Elisa (ELMUF) from Buy downgraded by BofA from Neutral to Underperform
- Croda (COIHY) from Buy downgraded by Stifel from Buy to Hold
- Evonik (EVKIF) from Buy downgraded by Stifel from Buy to Hold
- Solvay (SLVYY) from Buy downgraded by Stifel from Buy to Hold
- Lojas Renner (LRENY) downgraded by BofA from Buy to Underperform
- Topdanmark (TPDKY) downgraded by Nordea from Buy to Hold
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