Upgrades
- First American (FAF) upgraded by Keefe Bruyette from Market Perform to Outperform
- bioMerieux (BMXMF) upgraded by Berenberg from Hold to Buy
- IAG (ICAGY) upgraded by RBC Capital from Sector Perform to Outperform
- Pernod Ricard (PDRDF) upgraded by Deutsche Bank from Sell to Hold
- Frontline (FRO) upgraded by Jefferies from Hold to Buy
- BASF (BASFY) upgraded by Oddo BHF from Neutral to Outperform
- Merck KGaA (MKGAY) upgraded by DZ Bank from Hold to Buy
- Shaftesbury Capital (CCPPF) upgraded by HSBC from Hold to Buy
- Broadcom (AVGO) upgraded by TD Cowen from Market Perform to Outperform
- Forvia (FURCF) upgraded by UBS from Neutral to Buy
- Kingsoft Cloud (KC) upgraded by Citi from Neutral to Buy
- ZTO Express (ZTO) upgraded by BofA from Neutral to Buy
- Lloyds Banking (LYG) upgraded by BofA from Neutral to Buy
Downgrades
- Swissquote (SWQGF) downgraded by Berenberg from Buy to Hold
- DiaSorin (DSRLF) downgraded by Berenberg from Buy to Hold
- Redrow (RDWWF) downgraded by RBC Capital from Outperform to Sector Perform
- Hennes & Mauritz (HNNMY) downgraded by Danske Bank from Buy to Hold
- Kering (PPRUY) downgraded by DZ Bank from Hold to Sell
- Rheinmetall (RNMBY) downgraded by Oddo BHF from Outperform to Neutral
- Volvo (VLVLY) downgraded by Pareto from Buy to Hold
- Centene (CNC) downgraded by Stephens from Overweight to Equal Weight
- Top Glove (TGLVY) downgraded by HSBC from Buy to Hold
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