Upgrades
- Rockwool (RKWBF) upgraded by Societe Generale from Sell to Hold
- Sika (SKFOF) upgraded by Societe Generale from Hold to Buy
- Visteon (VC) upgraded by Jefferies from Hold to Buy
- Colgate-Palmolive (CL) upgraded by Deutsche Bank from Hold to Buy
- QT Group (QTGPF) upgraded by Nordea from Hold to Buy
- Aker BP (DETNF) upgraded by Nordea from Hold to Buy
- One Group Hospitality (STKS) upgraded by Piper Sandler from Neutral to Overweight
- Ruth’s Hospitality (RUTH) upgraded by Piper Sandler from Neutral to Overweight
- Hello Group (MOMO) upgraded by Morgan Stanley from Underweight to Equal Weight
- National Bank (NBHC) upgraded by Piper Sandler from Neutral to Overweight
- Acadia Healthcare (ACHC) upgraded by Credit Suisse from Neutral to Outperform
- Teradata (TDC) upgraded by Morgan Stanley from Equal Weight to Overweight
Downgrades
- Hill-Rom (HRC) downgraded by Morgan Stanley from Overweight to Equal Weight
- Canadian National (CNI) downgraded by BMO Capital from Outperform to Market Perform
- Novartis (NVS) downgraded by Deutsche Bank from Hold to Sell
- BHP Group (BHP) downgraded by Berenberg from Buy to Hold
- Protagonist Therapeutics (PTGX) downgraded by JPMorgan from Overweight to Neutral
- Lear (LEA) downgraded by Jefferies from Buy to Hold
- BorgWarner (BWA) downgraded by Jefferies from Buy to Hold
- AP Moller Maersk (AMKBY) downgraded by Berenberg from Buy to Hold
- Equinor (EQNR) downgraded by Nordea from Buy to Hold
- Banco Santander (SAN) downgraded by Exane BNP Paribas from Outperform to Neutral
- Naked Wines (NWINF) downgraded by Liberum from Hold to Sell
- Holcim (HCMLY) downgraded by JPMorgan from Overweight to Neutral
- HeidelbergCement (HDELY) downgraded by JPMorgan from Neutral to Underweight
- Top Glove (TGLVY) downgraded by Citi from Neutral to Sell
- Anglo American (NGLOY) downgraded by Barclays from Overweight to Equal Weight
- ASM International (ASMIY) downgraded by Barclays from Overweight to Equal Weight
- Itamar Medical (ITMR) downgraded by SVB Leerink from Outperform to Market Perform
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