Upgrades
- Arthur J. Gallagher (AJG) upgraded by UBS from Neutral to Buy
- Toll Brothers (TOL) upgraded by Keefe Bruyette from Market Perform to Outperform
- Hays (HAYPF) upgraded by Morgan Stanley from Underweight to Equal Weight
- Randstad (RANJY) upgraded by Morgan Stanley from Underweight to Equal Weight
- Italgas (ITGGF) upgraded by Citi from Neutral to Buy
- Bunzl (BZLFY) upgraded by BNP Paribas from Neutral to Outperform
- Givaudan (GVDNY) upgraded by Deutsche Bank from Hold to Buy
- BPER Banca (BPXXY) upgraded by Kepler Cheuvreux from Hold to Buy
- Demant (WILYY) upgraded by BofA from Underperform to Buy
- Komercni Banka (KMERF) upgraded by Oddo BHF from Underperform to Neutral
- FuelCell (FCEL) upgraded by Canaccord from Hold to Buy
- Par Technology (PAR) upgraded by JPMorgan from Underweight to Neutral
- West Pharmaceutical (WST) upgraded by Barclays from Equal Weight to Overweight
Downgrades
- Ingredion (INGR) downgraded by Oppenheimer from Outperform to Perform
- Equity Residential (EQR) downgraded by RBC Capital from Outperform to Sector Perform
- Lennar (LEN) downgraded by Keefe Bruyette from Market Perform to Underperform
- Adecco (AHEXY) downgraded by Morgan Stanley from Equal Weight to Underweight
- Tate & Lyle (TATYY) downgraded by BNP Paribas from Outperform to Neutral
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