EUROPE RESEARCH ROUNDUP-Auto1 Group, Roche Holding, Sanofi

* Auto1 Group SE AG1G.DE: Jefferies initiates coverage with buy rating

* Bayer AG BAYGn.DE: JP Morgan raises to overweight from neutral

* Flatexdegiro AG FTKn.DE: Berenberg raises target price to EUR 42 from EUR 32

* Roche Holding AG ROG.S: JP Morgan raises to neutral from underweight

* Sanofi SASY.PA: JP Morgan cuts target price to EUR 95 from EUR 105

* Aalberts NV AALB.AS: Bernstein cuts target price to EUR 37 from EUR 38

* Acciona ANA.MC: BofA Global Research raises price objective to EUR 125 from EUR 105

* Admiral ADML.L: JP Morgan cuts target price to 3000p from 3050p

* Admiral ADML.L: JP Morgan cuts to underweight from neutral

* Ageas SA AGES.BR: JP Morgan cuts target price to EUR 63 from EUR 72

* Ageas SA AGES.BR: JP Morgan cuts to neutral from overweight

* Allianz SE ALVG.DE: JP Morgan raises target price to EUR 380 from EUR 360

* Anglo American AAL.L: Jefferies raises target price to 3500p from 3300p

* Anheuser-Busch Inbev SA ABI.BR: Morgan Stanley cuts PT to EUR 66.5 from EUR 68

* Antofagasta ANTO.L: Jefferies raises target price to 3000p from 2800p

* Argenx SE ARGX.BR: JP Morgan raises target price to EUR 950 from EUR 805

* Asos Plc ASOS.L: Peel Hunt cuts target price to 300p from 335p

* AstraZeneca AZN.L: JP Morgan raises target price to 16000p from 14000p

* Atlas Copco ATCOa.ST: Morgan Stanley cuts target price to SEK 162 from SEK 184

* Atos ATOS.PA: BofA Global Research raises PT to EUR 46 from EUR 32

* Augmentum Fintech AUGM.L: Barclays cuts target price to 110p from 139p

* Auto1 Group SE AG1G.DE: Jefferies initiates coverage with buy rating

* Auto1 Group SE AG1G.DE: Jefferies initiates coverage with target price EUR 34

* Aviva AV.L: JP Morgan cuts to neutral from overweight

* Avolta AVOL.S: UBS raises target price to CHF 48 from CHF 45

* Barratt Redrow Plc BTRW.L: Citigroup cuts target price to 506p from 530p

* Barry Callebaut BARN.S: Barclays raises target price to CHF 1,200 from CHF 1,100

* Bayer AG BAYGn.DE: JP Morgan raises target price to EUR 50 from EUR 25

* Bayer AG BAYGn.DE: JP Morgan raises to overweight from neutral

* Bechtle AG BC8G.DE: BofA Global Research raises PT to EUR 40 from EUR 35

* Bellway Plc BWY.L: Citigroup raises target price to 3,100p from 3,090p

* Berkeley Group BKGH.L: Citigroup cuts target price to 3,710p from 4,000p

* BHP Group BHPB.L: Jefferies raises target price to 2,200p from 2,100p

* Boliden BOL.ST: Barclays cuts target price to SEK 371 from SEK 385

* Breedon Group Plc BREE.L: RBC raises target price to 525p from 500p

* British Land BLND.L: Barclays cuts target price to 450p from 460p

* Buzzi BZU.MI: Deutsche Bank raises target price to EUR 58 from EUR 48

* Buzzi BZU.MI: Deutsche Bank raises to buy from hold

* Chrysalis Investments CHRY.L: Barclays raises target price to 152p from 112p

* Compass Group CPG.L: UBS cuts target price to 2,985p from 3,010p

* CRH CRH.L: Deutsche Bank cuts target price to 10,389p from 10,643p

* Deme DEME.BR: ING cuts target price to EUR 195 from EUR 200

* Elia Group SA ELI.BR: BofA Global Research raises PT to EUR 125 from EUR 104

* Elia Group SA ELI.BR: BofA Global Research raises to buy from neutral

* Endesa ELE.MC: BofA Global Research raises price objective to EUR 26.50 from EUR 22.50

* Enel ENEI.MI: Bernstein raises target price to EUR 8.90 from EUR 8.50

* Enel ENEI.MI: Bernstein cuts to market perform from outperform

* Engie SA ENGIE.PA: BofA Global Research raises price objective to EUR 25 from EUR 21

* Flatexdegiro AG FTKn.DE: Berenberg raises target price to EUR 42 from EUR 32

* Fortum FORTUM.HE: RBC initiates coverage with sector perform rating

* Fortum FORTUM.HE: RBC initiates coverage with target price EUR 17.50

* Freenet AG FNTGn.DE: Bernstein cuts target price to EUR 37.60 from EUR 39.40

* Future Plc FUTR.L: Berenberg cuts target price to 970p from 1320p

* Galderma Group AG GALD.S: JP Morgan raises target price to CHF 190 from CHF 160

* GEA Group AG G1AG.DE: Morgan Stanley cuts target price to EUR 54 from EUR 60

* GEA Group AG G1AG.DE: Morgan Stanley cuts to underweight from equal weight

* Geberit GEBN.S: Deutsche Bank raises target price to CHF 558 from CHF 487

* Geberit GEBN.S: Deutsche Bank raises to hold from sell

* Generali GASI.MI: JP Morgan raises target price to EUR 42 from EUR 40

* Genmab GMAB.CO: JP Morgan raises target price to DKK 2050 from DKK 1650

* Georg Fischer AG GF.S: Kepler Cheuvreux cuts target price to CHF 62 from CHF 65

* Georg Fischer AG GF.S: Kepler Cheuvreux raises to buy from hold

* Glencore GLEN.L: Barclays raises target price to 450p from 420p

* Glencore GLEN.L: Jefferies raises target price to 475p from 450p

* GSK GSK.L: JP Morgan raises target price to 1,700p from 1,500p

* Hammerson HMSO.L: Barclays raises target price to 335p from 330p

* Hannover Rueck SE HNRGn.DE: JP Morgan cuts target price to EUR 290 from EUR 320

* Hannover Rueck SE HNRGn.DE: JP Morgan cuts to neutral from overweight

* Heidelberg Materials HEIG.DE: RBC raises target price to EUR 233 from EUR 218

* Heidelberg Materials HEIG.DE: RBC cuts to sector perform from outperform

* Heidelberg Materials AG HEIG.DE: Deutsche Bank raises PT to EUR 267 from EUR 229

* Holcim HOLN.S: Deutsche Bank raises target price to CHF 91 from CHF 75

* Holcim AG HOLN.S: RBC raises target price to CHF 70 from CHF 61

* Intercontinental Hotels Group IHG.L: UBS raises target price to 10,685p from 9,450p

* Kainos KNOS.L: BofA Global Research raises price objective to 1,290p from 960p

* Kainos KNOS.L: BofA Global Research raises to buy from underperform

* Kion KGX.DE: Deutsche Bank raises target price to EUR 70 from EUR 66

* Knorr Bremse AG KBX.DE: Morgan Stanley raises target price to EUR 107 from EUR 83

* Knorr-Bremse KBX.DE: Deutsche Bank raises target price to EUR 100 from EUR 82

* Knorr-Bremse KBX.DE: Deutsche Bank raises to buy from hold

* Londonmetric Property LMPL.L: Barclays cuts target price to 220p from 225p

* M&G MNG.L: JP Morgan cuts to neutral from overweight; cuts PT to 305p from 315p

* Merck KGaA MRCG.DE: JP Morgan cuts target price to EUR 150 from EUR 155

* Molten Ventures GROW.L: Barclays raises target price to 575p from 475p

* Munich Re MUVGn.DE: JP Morgan raises target price to EUR 655 from EUR 650

* National Grid Plc NG.L: BofA Global Research raises PT to 1,300p from 1,240p

* Netcompany Group A/S NETCG.CO: BofA Global Research raises PT to DKK 410 from DKK 390

* Nextenergy Solar Fund Ltd NESF.L: Jefferies cuts to underperform from hold

* Novartis AG NOVN.S: JP Morgan raises target price to CHF 125 from CHF 95

* Novartis AG NOVN.S: JP Morgan raises to overweight from neutral

* Novo Nordisk NOVOb.CO: JP Morgan cuts target price to DKK 350 from DKK 500

* On the Beach Group Plc OTB.L: Berenberg raises target price to 330p from 300p

* Orsted ORSTED.CO: BofA Global Research raises price objective to DKK 150 from DKK 145

* Oxford Biomedica Plc OXB.L: JP Morgan raises target price to 550p from 400p

* Pandox AB PANDXb.ST: UBS initiates coverage with buy rating

* Paragon Banking Group Plc PAGPA.L: Deutsche Bank raises PT to 1,100p from 1,050p

* Persimmon PSN.L: Citigroup raises target price to 1613p from 1541p

* Prosus N.V. PRX.AS: Barclays raises target price to EUR 71.50 from EUR 66.80

* Proximus PROX.BR: Barclays raises target price to EUR 8 from EUR 7.50

* Raiffeisen Bank International AG RBIV.VI: Citigroup raises PT to EUR 37.10 from EUR 30.50

* Raiffeisen Bank International AG RBIV.VI: Citigroup cuts to neutral from buy

* Recordati RECI.MI: JP Morgan raises target price to EUR 70 from EUR 67

* Renk Group AG R3NK.DE: Citigroup raises to buy from neutral

* Rexel S.A. RXL.PA: Morgan Stanley raises target price to EUR 38 from EUR 34

* Rio Tinto RIO.L: Jefferies raises target price to 5,700p from 5,000p

* Roche Holding AG ROG.S: JP Morgan raises target price to CHF 350 from CHF 230

* Roche Holding AG ROG.S: JP Morgan raises to neutral from underweight

* Rotork Plc ROR.L: Morgan Stanley cuts target price to 350p from 374p

* Rotork Plc ROR.L: Morgan Stanley cuts to equal weight from overweight

* RWE AG RWEG.DE: BofA Global Research raises price objective to EUR 56 from EUR 45

* Sage Group SGE.L: BofA Global Research raises price objective to 1,620p from 1,530p

* Saint-Gobain SGOB.PA: Deutsche Bank cuts target price to EUR 91 from EUR 96

* Saint-Gobain SGOB.PA: RBC cuts target price to EUR 96 from EUR 105

* Salvatore Ferragamo SFER.MI: Barclays cuts target price to EUR 4.90 from EUR 5.10

* Salzgitter SZGG.DE: UBS raises target price to EUR 50 from EUR 22.50

* Salzgitter SZGG.DE: UBS raises to buy from neutral

* Sandoz Group AG SDZ.S: JP Morgan raises target price to CHF 66 from CHF 60

* Sandvik SAND.ST: Deutsche Bank raises target price to SEK 308 from SEK 301

* Sanofi SASY.PA: JP Morgan cuts target price to EUR 95 from EUR 105

* Sanofi SASY.PA: JP Morgan cuts to neutral from overweight

* Sartorius AG SATG.DE: JP Morgan raises target price to EUR 270 from EUR 235

* Sartorius AG SATG_p.DE: JP Morgan raises target price to EUR 295 from EUR 260

* Sartorius Stedim Biotech SA STDM.PA: JP Morgan raises PT to EUR 260 from EUR 225

* Scandic Hotels Group AB SHOTE.ST: UBS raises target price to SEK 101 from SEK 87.10

* Scandic Hotels Group AB SHOTE.ST: UBS raises to buy from neutral

* Schindler Holding AG SCHP.S: Morgan Stanley raises to equal weight from underweight

* Schott pharma 1SXP.DE: Deutsche Bank cuts target price to EUR 19 from EUR 29

* Schott pharma 1SXP.DE: Deutsche Bank cuts to hold from buy

* Schott pharma 1SXP.DE: Barclays cuts target price to EUR 15 from EUR 28

* Siemens Energy AG ENR1n.DE: Morgan Stanley raises PT to EUR 130 from EUR 125

* Signify NV LIGHT.AS: Morgan Stanley cuts target price to EUR 18 from EUR 22

* Signify NV LIGHT.AS: Morgan Stanley cuts to underweight from equal weight

* Sika SIKA.S: Deutsche Bank cuts target price to CHF 168 from CHF 237

* Sika SIKA.S: Deutsche Bank cuts to hold from buy

* Sika AG SIKA.S: RBC cuts target price to CHF 184 from CHF 235

* Sika AG SIKA.S: RBC cuts to sector perform from outperform

* Sodexo EXHO.PA: Alphavalue cuts to add from buy

* Sodexo EXHO.PA: UBS cuts target price to EUR 46.75 from EUR 66.75

* Sodexo EXHO.PA: UBS cuts to neutral from buy

* Soitec SA SOIT.PA: Jefferies cuts target price to EUR 26 from EUR 42

* Sopra Steria Group SA SOPR.PA: BofA Global Research cuts PT to EUR 171 from EUR 206

* Spire Healthcare Group Plc SPI.L: Deutsche Bank cuts target price to 245p from 300p

* SSE SSE.L: BofA Global Research raises price objective to 2,420p from 2,370p

* SSP Group Plc SSPG.L: UBS raises target price to 180p from 170p

* Straumann Holding AG STMN.S: JP Morgan raises to overweight from neutral

* Swiss Re AG SRENH.S: JP Morgan cuts target price to CHF 155 from CHF 160

* Swiss Re AG SRENH.S: RBC cuts target price to CHF 118 from CHF 125

* Taylor Wimpey TW.L: Citigroup cuts target price to 143p from 145p

* Telefonica SA TEF.MC: Barclays cuts target price to EUR 3.80 from EUR 4

* Schiehallion Fund MNTN.L: Barclays initiates coverage with target price 125p

* Schiehallion Fund MNTN.L: Barclays initiates coverage with equal-weight rating

* Trainline Plc TRNT.L: UBS cuts target price to 235p from 465p

* Trainline Plc TRNT.L: UBS cuts to neutral from buy

* Tryg TRYG.CO: JP Morgan raises target price to DKK 170 from DKK 165

* UCB SA UCB.BR: Deutsche Bank raises target price to EUR 295 from EUR 285

* UCB SA UCB.BR: JP Morgan raises target price to EUR 300 from EUR 230

* Verbund AG VERB.VI: RBC initiates coverage with PT EUR 57.50

* Verbund AG VERB.VI: RBC initiates coverage with underperform rating

* Vistry Group Plc VTYV.L: Citigroup raises target price to 664p from 601p

* Vodafone Group Plc VOD.L: Barclays raises target price to 120p from 100p

* Whitbread WTB.L: UBS cuts target price to 3,485p from 4,035p

* Wizz Air WIZZ.L: Exane BNP Paribas cuts to underperform from neutral

* Workspace WKP.L: Barclays cuts target price to 450p from 475p

* Zealand pharma ZELA.CO: JP Morgan cuts target price to DKK 1,000 from DKK 1,050

* Zegona Communications Plc ZEG.L: Barclays raises target price to 1,800p from 1,750p

* Zurich Insurance Group AG ZURN.S: JP Morgan raises PT to CHF 525 from CHF 500