Upgrades
- Societe Generale (SCGLY) upgraded by Keefe Bruyette from Market Perform to Outperform
- Fortum (FOJCY) upgraded by JPMorgan from Neutral to Overweight
- Siemens Gamesa (GCTAF) upgraded by HSBC from Reduce to Hold
- Cisco (CSCO) upgraded by KGI Securities from Neutral to Outperform
- ABN Amro (AAVMY) upgraded by Exane BNP Paribas from Underperform to Neutral
- Barclays (BCS) upgraded by Keefe Bruyette from Market Perform to Outperform
- ISS (ISSDY) upgraded by HSBC from Reduce to Hold
- Reinsurance Group (RGA) upgraded by Morgan Stanley from Underweight to Equal Weight
- Sarine Technologies (SILLF) upgraded by DBS Bank from Fully Valued to Hold
- Spectris (SEPJF) upgraded by HSBC from Hold to Buy
- Commerzbank (CRZBY) upgraded by UBS from Neutral to Buy
- Orkla (ORKLY) upgraded by Bernstein from Market Perform to Outperform
- FinecoBank (FCBBF) upgraded by Deutsche Bank from Hold to Buy
- Public Storage (PSA) upgraded by BMO Capital from Market Perform to Outperform
Downgrades
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- Target (TGT) downgraded by Stifel from Buy to Hold
- Wipro (WIT) downgraded by JPMorgan from Neutral to Underweight
- Homeserve (HMSVF) downgraded by Peel Hunt from Buy to Hold
- Nestle (NSRGY) downgraded by Bernstein from Outperform to Market Perform
- Primerica (PRI) downgraded by Morgan Stanley from Overweight to Equal Weight
- Under Armour (UAA) downgraded by Morgan Stanley from Overweight to Equal Weight
- Schnitzer Steel (SCHN) downgraded by KeyBanc from Overweight to Sector Weight
- CSX (CSX) downgraded by Citi from Buy to Neutral
- Norfolk Southern (NSC) downgraded by Citi from Buy to Neutral
- Union Pacific (UNP) downgraded by Citi from Buy to Neutral
- Credit Agricole (CRARY) downgraded by JPMorgan from Neutral to Underweight
- Life Storage (LSI) downgraded by BMO Capital from Outperform to Market Perform
- Ceconomy (MTAGF) downgraded by Kepler Cheuvreux from Buy to Hold
- BNY Mellon (BK) downgraded by Deutsche Bank from Buy to Hold
- Thor Industries (THO) downgraded by DA Davidson from Neutral to Underperform
- Winnebago (WGO) downgraded by DA Davidson from Buy to Neutral
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