Upgrades and Downgrades for Friday, 7/5

Upgrades

• DSM (RDSMY) upgraded by JPMorgan from Neutral to Overweight
• Hitachi Construction (HTCMY) upgraded by Macquarie from Neutral to Outperform
• Svenska Handelsbanken (SVNLY) upgraded by Citi from Sell to Neutral
• Alfa Laval (ALFVY) upgraded by BofA/Merrill from Neutral to Buy

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Downgrades

• Northstar Realty Europe (NRE) downgraded by JMP Securities from Outperform to Market Perform
• Adecco (AHEXY) downgraded by Deutsche Bank from Hold to Sell
• Senseonics (SENS) downgraded by Raymond James from Outperform to Market Perform
• SKF AB (SKFRY) downgraded by BofA/Merrill from Neutral to Underperform
• Spectris (SEPJF) downgraded by BofA/Merrill from Buy to Underperform
• Mercer (MERC) downgraded by CIBC from Outperformer to Neutral

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