Upgrades
- Sampo (SAXPY) upgraded by Goldman Sachs from Sell to Neutral
- Sika (SXYAY) upgraded by Barclays from Underweight to Equal Weight
- Eutelsat (ETCMY) upgraded by JPMorgan from Underweight to Neutral
- Telia (TLSNY) upgraded by JPMorgan from Neutral to Overweight
- Johnson Matthey (JMPLY) upgraded by JPMorgan from Neutral to Overweight
- Moncler (MONRY) upgraded by JPMorgan from Neutral to Overweight
- Salvatore Ferragamo (SFRGY) upgraded by JPMorgan from Underweight to Neutral
- Proximus (BGAOY) upgraded by JPMorgan from Neutral to Overweight
- Paradox Interactive (PRXXF) upgraded by Danske Bank from Hold to Buy
- easyJet (ESYJY) upgraded by Bernstein from Market Perform to Outperform
- Mowi (MHGVY) upgraded by Berenberg from Hold to Buy
- Heineken (HEINY) upgraded by Deutsche Bank from Hold to Buy
- CN (CNI) upgraded by CIBC from Neutral to Outperformer
Downgrades
- Telenor (TELNY) downgraded by JPMorgan from Overweight to Neutral
- Sunrise Communications (SNREY) downgraded by JPMorgan from Neutral to Underweight
- IMCD (IMCDY) downgraded by JPMorgan from Overweight to Neutral
- Azelis (AZLGF) downgraded by JPMorgan from Overweight to Neutral
- Evonik (EVKIF) downgraded by JPMorgan from Overweight to Neutral
- Wacker Chemie (WKCMF) downgraded by JPMorgan from Neutral to Underweight
- Burberry (BURBY) downgraded by JPMorgan from Neutral to Underweight
- KPN (KKPNY) downgraded by JPMorgan from Overweight to Neutral
- Domino’s Pizza Group (DPUKY) downgraded by UBS from Buy to Neutral
- Komax (KMAAF) downgraded by UBS from Buy to Neutral
- AB InBev (BUD) downgraded by Deutsche Bank from Buy to Hold
- Jeronimo Martins (JRONY) downgraded by Grupo Santander from Outperform to Neutral
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