Upgrades
- Garanti (TKGBY) upgraded by JPMorgan from Neutral to Overweight
- Spirax Group (SPXSF) upgraded by Exane BNP Paribas from Underperform to Neutral
- ZIM Integrated (ZIM) upgraded by Fearnley from Sell to Buy
- AP Moller Maersk (AMKBY) upgraded by Fearnley from Sell to Buy
- Lloyds Banking (BYG) upgraded by Exane BNP Paribas from Neutral to Outperform
Downgrades
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- Tele2 (TLTZY) downgraded by Berenberg from Hold to Sell
- Keywords Studios (KYYWF) downgraded by UBS from Buy to Neutral
- AT&S Austria Technologie (ASAAF) downgraded by Erste Group from Buy to Accumulate
- Carl Zeiss Meditec (CZMWY) downgraded by DZ Bank from Buy to Hold
- Swatch Group (SWGAY) downgraded by Bryan Garnier from Buy to Neutral
- Yara (YARIY) downgraded by Kepler Cheuvreux from Buy to Hold
- Zehnder (ZEHNF) downgraded by Kepler Cheuvreux from Buy to Hold
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