| * AAK AB (Publ) AAK.ST: Kepler Cheuvreux cuts target price to SEK 333 from SEK 346 |
| * Accor ACCP.PA: Citigroup cuts target price to EUR 51 from EUR 53 |
| * Accor ACCP.PA: Deutsche Bank cuts target price to EUR 52 from EUR 53 |
| * ADP ADP.PA: Barclays cuts target price to EUR 100 from EUR 104 |
| * Aena AENA.MC: Barclays cuts target price to EUR 232 from EUR 235 |
| * Afentra Plc AET.L: Canaccord Genuity cuts target price to 75p from 96p |
| * Alfa Laval ALFA.ST: Citigroup cuts target price to SEK 408 from SEK 481 |
| * Amplifon SpA AMPF.MI: Stifel cuts target price to EUR 20 from EUR 22 |
| * AMS-Osram AG AMS.S: JP Morgan cuts target price to CHF 8.7 from CHF 10.2 |
| * Anheuser-Busch Inbev SA ABI.BR: Morgan Stanley cuts PT to EUR 66.5 from EUR 70.5 |
| * Aperam APAM.AS: Deutsche Bank cuts target price to EUR 38 from EUR 40 |
| * ArcelorMittal MT.AS: Deutsche Bank cuts target price to EUR 30 from EUR 32 |
| * ArcelorMittal SA MT.LU: Morgan Stanley cuts target price to EUR 29.7 from EUR 29.8 |
| * Arkema SA AKE.PA: Citigroup cuts target price to EUR 90 from EUR 100 |
| * ASMI ASMI.AS: JP Morgan cuts target price to EUR 708 from EUR 716 |
| * Athens International Airport SA AIAr.AT: Barclays cuts PT to EUR 10.1 from EUR 10.2 |
| * Atlas Copco ATCOa.ST: Citigroup cuts target price to SEK 177 from SEK 211 |
| * Aurubis AG NAFG.DE: Kepler Cheuvreux cuts target price to EUR 90 from EUR 93.7 |
| * Azelis AZE.BR: Berenberg cuts target price to EUR 21 from EUR 25 |
| * B&M BMEB.L: Berenberg cuts target price to 590p from 630p |
| * Banco Bilbao Vizcaya Argentaria SA BBVA.MC: Barclays cuts PT to EUR 12.5 from EUR 13 |
| * Banco Santander SA SAN.MC: Barclays cuts target price to EUR 7.2 from EUR 7.5 |
| * Bankinter SA BKT.MC: Barclays raises target price to EUR 8.1 from EUR 8 |
| * Barry Callebaut AG BARN.S: JP Morgan cuts target price to CHF 1,100 from CHF 1,300 |
| * BASF SE BASFn.DE: Citigroup cuts target price to EUR 44 from EUR 51 |
| * Billerud AB (Publ) BILL.ST: Citigroup cuts target price to SEK 100 from SEK 113 |
| * Caixabank SA CABK.MC: Barclays raises target price to EUR 6.2 from EUR 6.1 |
| * Capricorn Energy CNE.L: Canaccord Genuity cuts target price to 285p from 300p |
| * Clariant AG CLN.S: Citigroup cuts target price to CHF 14 from CHF 15 |
| * Coface SA COFA.PA: Deutsche Bank raises target price to EUR 15.5 from EUR 15 |
| * Commerzbank AG CBKG.DE: RBC cuts target price to EUR 21.5 from EUR 22 |
| * Compass Group CPG.L: Citigroup cuts target price to 2700p from 2850p |
| * Convatec Group Plc CTEC.L: Peel Hunt raises target price to 280p from 270p |
| * Convatec Group Plc CTEC.L: Peel Hunt raises to add from hold |
| * Daimler Truck Holding AG DTGGe.DE: Citigroup cuts PT to EUR 39.80 from EUR 48 |
| * Danone DANO.PA: Citigroup cuts to neutral from buy |
| * Danone DANO.PA: Citigroup raises target price to EUR 73 from EUR 66 |
| * Davide Campari N.V. CPRI.MI: Barclays raises target price to EUR 7.5 from EUR 7.2 |
| * Delivery Hero SE DHER.DE: Morgan Stanley cuts target price to EUR 35 from EUR 38 |
| * Deltic Energy Plc DELT.L: Canaccord Genuity cuts target price to 25p from 33p |
| * Deutsche Bank DBKGn.DE: Barclays cuts target price to EUR 23.9 from EUR 24.8 |
| * Deutsche Bank DBKGn.DE: UBS raises target price to EUR 23 from EUR 20 |
| * Deutsche Boerse AG DB1Gn.DE: Exane BNP Paribas raises target price to EUR 283 |
| * Deutsche Lufthansa AG LHAG.DE: Kepler Cheuvreux cuts PT to EUR 6.5 from EUR 7 |
| * Deutsche Telekom AG DTEGn.DE: Barclays cuts target price to EUR 41 from EUR 42 |
| * Diageo Plc DGE.L: Barclays raises target price to 2580p from 2490p |
| * Electrolux ELUXb.ST: JP Morgan cuts target price to SEK 85 from SEK 105 |
| * Elia ELI.BR: Deutsche Bank cuts target price to EUR 85 from EUR 87 |
| * Elia ELI.BR: Deutsche Bank cuts to hold from buy |
| * Elior Group SA ELIOR.PA: Citigroup cuts target price to EUR 3.80 from EUR 4 |
| * Elkem ASA ELK.OL: Citigroup cuts target price to NOK 20 from NOK 20.50 |
| * Engie SA ENGIE.PA: Citigroup raises target price to EUR 19 from EUR 16.80 |
| * Enquest Plc ENQ.L: Canaccord Genuity cuts target price to 16p from 29p |
| * Epiroc EPIRa.ST: Citigroup cuts target price to SEK 212 from SEK 235 |
| * Euronext NV ENX.PA: Exane BNP Paribas cuts to underperform from neutral |
| * Evonik Industries AG EVKn.DE: Citigroup cuts target price to EUR 23 from EUR 25 |
| * FDJ United FDJU.PA: Morgan Stanley resumes coverage with equal weight rating |
| * FDJ United FDJU.PA: Morgan Stanley resumes coverage with target price EUR 34 |
| * Feintool International Holding AG FTON.S: Kepler Cheuvreux cuts PT to CHF 10 from CHF 11.5 |
| * Ferrovial SE FERF.AS: Morgan Stanley cuts target price to EUR 46 from EUR 50 |
| * Fluidra FLUI.MC: JP Morgan cuts target price to EUR 27 from EUR 30 |
| * Fraport FRAG.DE: Barclays cuts target price to EUR 73 from EUR 75 |
| * Genel Energy Plc GENL.L: Canaccord Genuity cuts target price to 80p from 92p |
| * Gerresheimer AG GXIG.DE: Berenberg cuts target price to EUR 95 from EUR 110 |
| * Givaudan SA GIVN.S: JP Morgan cuts target price to CHF 4,300 from CHF 4,400 |
| * Greenyard NV GREENY.BR: Kepler Cheuvreux raises target price to EUR 7.4 from EUR 5.4 |
| * Harbour Energy Plc HBR.L: Canaccord Genuity cuts target price to 250p from 260p |
| * Havas HAVAS.AS: HSBC cuts target price to EUR 1.64 from EUR 2.1 |
| * Heineken NV HEIN.AS: Barclays raises target price to EUR 98 from EUR 96 |
| * Hexagon HEXAb.ST: Morgan Stanley cuts target price to SEK 98 from SEK 106 |
| * Holcim AG HOLN.S: RBC cuts target price to CHF 95 from CHF 103 |
| * IHG IHG.L: Citigroup cuts target price to 7500p from 8900p |
| * IHG IHG.L: Deutsche Bank cuts target price to 7750p from 8000p |
| * IHG IHG.L: Deutsche Bank raises to hold from sell |
| * IMCD NV IMCD.AS: Berenberg cuts target price to EUR 152 from EUR 172 |
| * JTC Plc JTC.L: HSBC cuts target price to 1165p from 1370p |
| * L'Oreal OREP.PA: Jefferies raises target price to EUR 374 from EUR 355 |
| * L'Oréal SA OREP.PA: Barclays cuts target price to EUR 384 from EUR 422 |
| * LSEG LSEG.L: Exane BNP Paribas cuts target price to 11,600p |
| * Melia MEL.MC: Deutsche Bank cuts target price to EUR 9 from EUR 9.5 |
| * Metall Zug AG METN.S: Kepler Cheuvreux cuts target price to CHF 1070 from CHF 1550 |
| * Metall Zug AG METN.S: Kepler Cheuvreux cuts to hold from buy |
| * Metso METSO.HE: Citigroup cuts target price to EUR 9.50 from EUR 10.50 |
| * NCC AB NCCb.ST: Kepler Cheuvreux cuts target price to SEK 195 from SEK 200 |
| * Nostrum Oil & Gas Plc NOGN.L: Canaccord Genuity cuts target price to 5p from 8p |
| * Nostrum Oil & Gas Plc NOGN.L: Canaccord Genuity cuts to hold from speculative buy |
| * Orkla ORK.OL: Kepler Cheuvreux raises target price to NOK 130 from NOK 127 |
| * Outokumpu OUT1V.HE: Deutsche Bank cuts target price to EUR 3.7 from EUR 3.8 |
| * Outokumpu OUT1V.HE: Deutsche Bank raises to buy from hold |
| * Oxford Biomedica Plc OXB.L: RBC raises target price to 800p from 740p |
| * Pan African Resources Plc PAFR.L: Canaccord Genuity raises PT to 60p from 48p |
| * Pantheon Resources Plc PANR.L: Canaccord Genuity cuts target price to 74p from 86p |
| * Patrizia SE PATGn.DE: Kepler Cheuvreux cuts target price to EUR 10 from EUR 11 |
| * Peab AB PEABb.ST: Kepler Cheuvreux cuts target price to SEK 90 from SEK 95 |
| * Pernod-Ricard SA PERP.PA: Barclays raises target price to EUR 94 from EUR 90 |
| * Polar Capital Holdings Plc POLR.L: Peel Hunt cuts target price to 475p from 665p |
| * Publicis PUBP.PA: JP Morgan cuts target price to EUR 133 from EUR 140 |
| * Rémy Cointreau RCOP.PA: Barclays raises target price to EUR 34 from EUR 30 |
| * Rockhopper Exploration Plc RKH.L: Canaccord Genuity raises target price to 49p from 39p |
| * Salzgitter SZGG.DE: Deutsche Bank cuts target price to EUR 21 from EUR 23 |
| * Sandvik AB SAND.ST: Citigroup cuts target price to SEK 213 from SEK 252 |
| * Serica Energy Plc SQZ.L: Canaccord Genuity cuts target price to 185p from 200p |
| * Sika AG SIKA.S: Stifel cuts target price to CHF 265 from CHF 275 |
| * Skanska AB SKAb.ST: Kepler Cheuvreux cuts target price to SEK 250 from SEK 280 |
| * Sodexo EXHO.PA: Citigroup cuts target price to EUR 84 from EUR 90 |
| * Solvay SOLB.BR: Citigroup cuts target price to EUR 30 from EUR 32 |
| * SSAB SSABa.ST: Deutsche Bank raises target price to SEK 57 from SEK 55 |
| * Stellantis N.V. STLAM.MI: UBS cuts target price to EUR 8.8 from EUR 16 |
| * Stellantis N.V. STLAM.MI: UBS cuts to neutral from buy |
| * Stora Enso STERV.HE: Citigroup cuts target price to EUR 10.50 from EUR 11.50 |
| * Syensqo NV SYENS.BR: Citigroup cuts target price to EUR 62 from EUR 75 |
| * Symrise AG SY1G.DE: Citigroup raises target price to EUR 120 from EUR 110 |
| * Symrise AG SY1G.DE: Citigroup raises to buy from neutral |
| * Tesco TSCO.L: Kepler Cheuvreux cuts target price to 347p from 380p |
| * Tesco Plc TSCO.L: Morgan Stanley cuts target price to 389p from 400p |
| * Tesco Plc TSCO.L: UBS raises target price to 363p from 360p |
| * Traton SE 8TRA.DE: Citigroup cuts target price to EUR 26.20 from EUR 30.40 |
| * Travis Perkins TPK.L: Barclays cuts target price to 840p from 870p |
| * Travis Perkins Plc TPK.L: Morgan Stanley cuts target price to 760p from 940p |
| * Tryg TRYG.CO: Morgan Stanley cuts target price to DKK 165 from DKK 170 |
| * TT Electronics TTG.L: Barclays cuts target price to 100p from 170p |
| * Tullow Oil Plc TLW.L: Canaccord Genuity cuts target price to 14p from 22p |
| * Tullow Oil Plc TLW.L: Canaccord Genuity cuts to hold from speculative buy |
| * UMG UMG.AS: Citigroup cuts target price to EUR 25 from EUR 29 |
| * UPM UPM.HE: Citigroup cuts target price to EUR 33.50 from EUR 36 |
| * Verbund VERB.VI: Barclays cuts target price to EUR 64 from EUR 72 |
| * Voestalpine VOES.VI: Deutsche Bank cuts target price to EUR 33 from EUR 34 |
| * Volvo VOLVb.ST: Citigroup cuts target price to SEK 257 from SEK 305 |
| * Wacker Chemie AG WCHG.DE: Citigroup cuts target price to EUR 82 from EUR 99 |
| * Whitbread WTB.L: Citigroup cuts target price to 3300p from 3700p |
| * Ypsomed AG YPSN.S: UBS cuts target price to CHF 360 from CHF 400 |
| * Zephyr Energy Plc ZPHR.L: Canaccord Genuity cuts target price to 12p from 13p |
| * Zurich Airport FHZN.S: Barclays cuts target price to CHF 212 from CHF 215 |
