Upgrades
- Illinois Tool Works (ITW) upgraded by BofA from Underperform to Neutral
- Volvo (VLVLY) upgraded by Morgan Stanley from Equal Weight to Overweight
- Ferguson (FERG) upgraded by Morgan Stanley from Equal Weight to Overweight
- UBS (UBS) upgraded by Kepler Cheuvreux from Hold to Buy
- Melexis (MLXSF) upgraded by Jefferies from Hold to Buy
- SSE (SSEZY) upgraded by UBS from Neutral to Buy
- Vir Biotechnology (VIR) upgraded by Morgan Stanley from Equal Weight to Overweight
- Danone (DANOY) upgraded by Bernstein from Underperform to Market Perform
- Orkla (ORKLY) upgraded by Bernstein from Market Perform to Outperform
- Unilever (UL) upgraded by Bernstein from Market Perform to Outperform
- Interpublic Group (IPG) upgraded by Exane BNP Paribas from Underperform to Outperform
- Pirelli (PLLIF) upgraded by Exane BNP Paribas from Neutral to Outperform
Downgrades
- Accolade (ACCD) downgraded by Stifel from Buy to Hold
- Evolution AB (EVVTY) downgraded by Goldman Sachs from Buy to Neutral
- Hays (HAYPF) downgraded by Morgan Stanley from Equal Weight to Underweight
- Retail Estates (RETTF) downgraded by Kepler Cheuvreux from Buy to Hold
- Avanza Bank (AVVZF) downgraded by Kepler Cheuvreux from Hold to Reduce
- VAT Group (VACNY) downgraded by Jefferies from Buy to Hold
- Swatch Group (SWGAY) downgraded by RBC Capital from Sector Perform to Underperform
- Harmonic (HLIT) downgraded by Barclays from Overweight to Equal Weight
- Accolade (ACCD) downgraded by Raymond James from Outperform to Market Perform
- Experian (EXPGY) downgraded by Bernstein from Market Perform to Underperform
- L’Oreal (LRLCY) downgraded by Bernstein from Outperform to Market Perform
- Just Group (JTGPF) downgraded by Peel Hunt from Buy to Add
- Wise plc (WPLCF) downgraded by HSBC from Buy to Hold
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