Upgrades
- BNY Mellon (BK) upgraded by Keefe Bruyette from Market Perform to Outperform
- Petrobras (PBR) upgraded by BofA from Neutral to Buy
- Canadian National (CNI) upgraded by National Bank from Sector Perform to Outperform
- Safran (SAFRY) upgraded by Citi from Neutral to Buy
- Brunello Cucinelli (BCUCY) upgraded by Stifel from Hold to Buy
- Kering (PPRUY) upgraded by BofA from Underperform to Buy
- Adriatic Metals (ADMLF) upgraded by Berenberg from Hold to Buy
- Adyen (ADYEY) upgraded by Bryan Garnier from Neutral to Buy
- TAG Immobilien (TAGOF) upgraded by Deutsche Bank from Hold to Buy
- Laboratorios Farmaceuticos Rovi (LABFF) upgraded by Oddo BHF from Neutral to Outperform
- Worldline (WRDLY) upgraded by Bryan Garnier from Neutral to Buy
- Admiral Group (AMIGY) upgraded by BofA from Neutral to Buy
Downgrades
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- Anglo American (NGLOY) downgraded by Berenberg from Hold to Sell
- Rio Tinto (RIO) downgraded by Berenberg from Buy to Hold
- Base Resources (BSRUF) downgraded by Berenberg from Buy to Hold
- Agilent (A) downgraded by Wolfe Research from Outperform to Peer Perform
- Darktrace (DRKTF) downgraded by Redburn Atlantic from Buy to Neutral
- Dassault Systemes (DASTY) downgraded by Deutsche Bank from Buy to Hold
- Klepierre (KLPEF) downgraded by Deutsche Bank from Buy to Hold
- Ashtead Group (ASHTY) downgraded by Exane BNP Paribas from Neutral to Underperform
- Energean (EERGF) downgraded by Panmure Gordon from Buy to Hold
- U.S. Bancorp (USB) downgraded by JPMorgan from Overweight to Neutral
- Lyell Immunopharma (LYEL) downgraded by H.C. Wainwright from Buy to Neutral
- Centuri (CTRI) downgraded by BofA from Neutral to Underperform
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