Upgrades
- Lloyds Banking (LYG) upgraded by RBC Capital from Underperform to Outperform
- Deutsche Bank (DB) upgraded by RBC Capital from Sector Perform to Outperform
- Banco Comercial Portugues (BPCGF) upgraded by AlphaValue/Baader from Add to Buy
- CTS Eventim (CEVMF) upgraded by DZ Bank from Hold to Buy
- Assura (ARSSF) upgraded by Panmure Gordon from Hold to Buy
Downgrades
- ACS (ACSAF) downgraded by Goldman Sachs from Neutral to Sell
- SGS SA (SGSOY) downgraded by Barclays from Overweight to Underweight
- NatWest Group (NWG) downgraded by RBC Capital from Outperform to Sector Perform
- Adevinta (ADEVF) downgraded by SEB Equities from Buy to Hold
- Carlsberg (CABGY) downgraded by SEB Equities from Buy to Hold
- Intrum (ITJTY) downgraded by Nordea from Buy to Hold
- Lufax (LU) downgraded by Credit Suisse from Neutral to Underperform
- Lufax (LU) downgraded by JPMorgan from Overweight to Underweight
- Lufax (LU) downgraded by Daiwa from Buy to Hold
- Kforce (KFRC) downgraded by William Blair from Outperform to Market Perform
- Korn Ferry (KFY) downgraded by William Blair from Outperform to Market Perform
- Devro (DEITF) downgraded by Peel Hunt from Buy to Hold
- Man Group (MNGPF) downgraded by UBS from Buy to Neutral
- Lundbergforetagen (LBGUF) downgraded by DNB Markets from Buy to Hold
- Chow Tai Fook (CJEWY) downgraded by Macquarie from Neutral to Underperform
- Evolution Mining (CAHPF) downgraded by Macquarie from Outperform to Underperform
- Taylor Wimpey (TWODF) downgraded by BofA from Buy to Underperform
- Redrow (RDWWF) downgraded by BofA from Buy to Neutral
- Persimmon (PSMMY) downgraded by BofA from Buy to Neutral
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