EUROPE RESEARCH ROUNDUP-Carlsberg, Heineken NV, Rotork

* Ashmore ASHM.L: UBS raises to buy from neutral

* Carlsberg CARLb.CO: RBC raises to outperform from sector perform

* Heineken NV HEIN.AS: RBC raises to outperform from sector perform

* Koninklijke Ahold Delhaize NV AD.AS: Goldman Sachs raises to buy from neutral

* Rotork Plc ROR.L: RBC raises target price to 370p from 340p

* Accelleron ACLN.S: Deutsche Bank raises target price to CHF 45 from CHF 42

* Alfa ALFAAL.L: Barclays raises target price to 270p from 250p

* Allegro ALEP.WA: Barclays cuts target price to PLN 30 from PLN 31

* Allfunds Group Plc ALLFG.AS: UBS raises target price to EUR 6.3 from EUR 5.9

* Allfunds Group Plc ALLFG.AS: UBS raises to buy from neutral

* Ashmore ASHM.L: UBS raises to buy from neutral; raises PT to 180p from 175p

* Auto1 Group SE AG1G.DE: Exane BNP Paribas raises target price to EUR 30 from EUR 19

* Auto1 Group SE AG1G.DE: Exane BNP Paribas raises to outperform from neutral

* Autostore AUTO.OL: Deutsche Bank initiates coverage with buy rating and PT NOK 14.1

* Aviva AV.L: HSBC raises target price to 655p from 565p

* Bridgepoint Group BPTB.L: Deutsche Bank raises target price to 345p from 330p

* C&C Group GCC.L: Deutsche Bank cuts target price to 165p from 185p

* Canal+ CAN.L: Deutsche Bank initiates coverage with buy rating and target price 240p

* Carel Industries SpA CRLI.MI: Kepler Cheuvreux raises PT to EUR 17.5 from EUR 15

* Carel Industries SpA CRLI.MI: Kepler Cheuvreux raises to hold from reduce

* Carlsberg CARLb.CO: RBC raises target price to DKK 1020 from DKK 890

* Carlsberg CARLb.CO: RBC raises to outperform from sector perform

* Cucinelli BCU.MI: Stifel cuts target price to EUR 120 from EUR 125

* Deliveroo ROO.L: HSBC cuts target price to 170p from 175p

* Deliveroo Plc ROO.L: Barclays cuts target price to 185p from 200p

* Deliveroo Plc ROO.L: Deutsche Bank cuts target price to 175p from 190p

* Dexco DXCO3.SA: HSBC cuts target price to Brl 8 from Brl 9.75

* DR ING HC F Porsche AG P911_p.DE: Bernstein cuts target price to EUR 57 from EUR 64

* DR ING HC F Porsche AG P911_p.DE: HSBC cuts target price to EUR 59 from EUR 60

* Endeavour Mining EDV.L: Barclays cuts target price to 2215p from 2270p

* Entain ENT.L: Berenberg raises target price to 1,100p from 1,035p

* Fraport FRAG.DE: Citigroup cuts target price to EUR 70 from EUR 72

* Galenica GALE.S: UBS cuts target price to CHF 83 from CHF 83.5

* Galenica GALE.S: UBS cuts to neutral from buy

* Gbl GBLB.BR: KBC Securities cuts target price to 86 EUR from EUR 100 ; rating 'buy'

* Getlink GETP.PA: Citigroup cuts target price to EUR 19.4 from EUR 20

* Getlink GETP.PA: JP Morgan cuts target price to EUR 18 from EUR 19

* Givaudan GIVN.S: UBS cuts target price to CHF 4280 from CHF 4310

* Grenke AG GLJn.DE: Deutsche Bank cuts target price to EUR 22 from EUR 24

* Halma HLMA.L: Deutsche Bank cuts target price to 2760p from 2810p

* Hannover Rueck SE HNRGn.DE: Berenberg raises target price to EUR 314 from EUR 260

* Hannover Rueck SE HNRGn.DE: Citigroup raises target price to EUR 285 from EUR 269

* Hannover Rueck SE HNRGn.DE: JP Morgan raises target price to EUR 320 from EUR 300

* Hannover Rueck SE HNRGn.DE: RBC raises target price to EUR 308 from EUR 297

* Harbour Energy Plc HBR.L: Canaccord Genuity cuts target price to 260p from 360p

* Heineken NV HEIN.AS: RBC raises target price to EUR 92 from EUR 80

* Heineken NV HEIN.AS: RBC raises to outperform from sector perform

* Henkel AG & Co KGaA HNKG.DE: Jefferies cuts target price to EUR 80 from EUR 91

* Hugo Boss BOSSn.DE: Deutsche Bank cuts target price to EUR 45 from EUR 52

* Hugo Boss BOSSn.DE: Deutsche Bank cuts to hold from buy

* Hugo Boss AG BOSSn.DE: Jefferies cuts target price to EUR 36 from EUR 45

* Hugo Boss AG BOSSn.DE: UBS cuts target price to EUR 38 from EUR 49

* Hugo Boss AG BOSSn.DE: UBS cuts to neutral from buy

* Hugo Boss AG BOSSn.DE: UBS cuts to neutral from buy; cuts PT to EUR 38 from EUR 49

* Inficon IFCN.S: Deutsche Bank cuts target price to CHF 1050 from CHF 1150

* Ithaca Energy ITH.L: Barclays cuts target price to 100p from 155p

* Kingfisher KGF.L: Jefferies raises target price to 280p from 270p

* Koninklijke Ahold Delhaize NV AD.AS: Goldman Sachs raises PT to EUR 40 from EUR 39

* Koninklijke Ahold Delhaize NV AD.AS: Goldman Sachs raises to buy from neutral

* Mercedes-Benz Group AG MBGn.DE: RBC raises target price to EUR 79 from EUR 78

* Merck KGaA MRCG.DE: HSBC cuts target price to EUR 165 from EUR 180

* Persimmon PSN.L: Peel Hunt raises target price to 1,350p from 1,300p

* Puma SE PUMG.DE: Deutsche Bank cuts target price to EUR 34 from EUR 55

* Puma SE PUMG.DE: UBS cuts target price to EUR 19.5 from EUR 43.9

* Puma SE PUMG.DE: UBS cuts to sell from neutral

* Puma SE PUMG.DE: UBS cuts to sell from neutral; cuts PT to EUR 19.50 from EUR 43.90

* Recordati RECI.MI: RBC raises target price to EUR 55 from EUR 53

* Redcare Pharmacy NV RDC.DE: Berenberg raises target price to EUR 200 from EUR 190

* Redcare Pharmacy NV RDC.DE: Kepler Cheuvreux raises PT to EUR 152 from EUR 138

* Redcare Pharmacy NV RDC.DE: Kepler Cheuvreux raises to buy from hold

* Relx Plc REL.L: Barclays raises target price to 4275p from 4220p

* Relx Plc REL.L: Barclays raises to overweight from equal-weight

* Reply SpA REY.MI: UBS raises target price to EUR 182 from EUR 174

* Rightmove RMV.L: Peel Hunt raises target price to 840p from 700p

* Rotork Plc ROR.L: RBC raises target price to 370p from 340p

* Sanofi SASY.PA: Guggenheim raises target price to EUR 121 from EUR 120

* SFS Group AG SFSN.S: Berenberg raises target price to CHF 135 from CHF 130

* Spire Healthcare Group Plc SPI.L: Berenberg cuts target price to 255p from 300p

* target Healthcare REIT Plc THRLT.L: Jefferies raises target price to 100p from 94p

* Tecan TECN.S: Deutsche Bank cuts target price to CHF 219 from CHF 225

* Thales TCFP.PA: Deutsche Bank raises target price to EUR 265 from EUR 182

* ThyssenKrupp TKAG.DE: Morgan Stanley cuts to underweight from equal-weight

* ThyssenKrupp TKAG.DE: Morgan Stanley raises target price to EUR 6.6 from EUR 3.9

* Trainline TRNT.L: JP Morgan cuts target price to 370p from 400p

* Trainline Plc TRNT.L: Barclays cuts target price to 325p from 440p

* Vat Group AG VACN.S: JP Morgan cuts target price to CHF 437 from CHF 457

* Vienna Insurance Group VIGR.VI: HSBC raises target price to EUR 43 from EUR 37.5

* Volkswagen AG VOWG.DE: HSBC raises target price to EUR 136 from EUR 125

* Wacker Chemie AG WCHG.DE: Stifel raises target price to EUR 80 from EUR 77

* Wacker Chemie AG WCHG.DE: Stifel raises target price to EUR 80 from EUR 77

* Wise Plc WISEA.L: HSBC cuts target price to 1000p from 1150p