Upgrades
- Neste (NTOIY) upgraded by Morgan Stanley from Equal Weight to Overweight
- Eni (E) upgraded by Morgan Stanley from Equal Weight to Overweight
- Corbion (CSNVY) upgraded by Barclays from Equal Weight to Overweight
- Bunzl (BZLFY) upgraded by RBC Capital from Underperform to Sector Perform
- Close Brothers (CBGPY) upgraded by RBC Capital from Sector Perform to Outperform
- Neurocrine (NBIX) upgraded by Piper Sandler from Neutral to Overweight
- Marriott (MAR) upgraded by Bernstein from Market Perform to Outperform
- Whitbread (WTBDY) upgraded by Bernstein from Market Perform to Outperform
- Centrica (CPYYY) upgraded by Jefferies from Hold to Buy
- Universal Music Group (UMGNF) upgraded by Exane BNP Paribas from Neutral to Outperform
- Foot Locker (FL) upgraded by Barclays from Equal Weight to Overweight
Downgrades
- Ecopetrol (EC) downgraded by Grupo Santander from Neutral to Underperform
- Equinor (EQNR) downgraded by Morgan Stanley from Equal Weight to Underweight
- Repsol (REPYY) downgraded by Morgan Stanley from Overweight to Equal Weight
- CelcomDigi (DIGBF) downgraded by JPMorgan from Neutral to Underweight
- Cava Group (CAVA) downgraded by Morgan Stanley from Overweight to Equal Weight
- Topgolf Callaway (MODG) downgraded by Jefferies from Buy to Hold
- Elisa (ELMUF) downgraded by Nordea from Buy to Hold
- Reckitt Benckiser (RBGLY) downgraded by JPMorgan from Overweight to Neutral
- Avance Gas (AVACF) downgraded by Kepler Cheuvreux from Buy to Hold
- Bancolombia (CIB) downgraded by BofA from Neutral to Underperform
- Parex Resources (PARXF) downgraded by RBC Capital from Outperform to Sector Perform
- Okta (OKTA) downgraded by BofA from Buy to Underperform
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