>>> Europe : Brokers Upgrades & Downgrades - 10th of December 2025

>>> Up
* AbbVie Raised to Buy at HSBC; PT $265
* ACS Raised to Outperform at BNP Paribas; PT 107 euros
* ATALAYA MINING COPPER SA PT Raised to 1,000 pence at RBC
* Boliden PT Raised to 550 kronor from 500 kronor at RBC
* Borr Drilling Raised to Buy at Arctic Securities; PT $6
* Glencore PT Raised to 430 pence from 320 pence at RBC
* Hochtief Raised to Outperform at BNP Paribas; PT 375 euros
* HSBC Raised to Buy at BofA
* Jazz Pharma PT Raised to $219 from $147 at Piper Sandler
* Prosus Raised to Buy at SBG Securities; PT 62.01 euros
* Sainsbury Raised to Buy at Deutsche Bank; PT 350 pence
* Sartorius Raised to Outperform at BNP Paribas; PT 296 euros
* Straumann Raised to Outperform at BNP Paribas
* Vale ADRs Raised to Outperform at RBC; PT $14.20
* Wickes Raised to Hold at Deutsche Bank; PT 235 pence

>>> Down
* B&M European Cut to Hold at Deutsche Bank; PT 180 pence
* BFF Bank Cut to Hold at Deutsche Bank; PT 10.50 euros
* Biogen Cut to Reduce at HSBC; PT $143
* Buzzi SpA Cut to Equal-Weight at Morgan Stanley; PT 55 euros
* Continental Cut to Equal-Weight at Barclays; PT 70 euros
* Ferrari Cut to Neutral at Oddo BHF; PT $395.49
* Fraport Cut to Neutral at BNP Paribas; PT 74 euros
* Gerresheimer Cut to Underperform at BNP Paribas; PT 22 euros
* Kainos Cut to Hold at Deutsche Bank; PT 1,030 pence
* Kingfisher Cut to Sell at Deutsche Bank; PT 255 pence
* M6 Cut to Underweight at JPMorgan; PT 13 euros
* Michelin Cut to Add at AlphaValue/Baader
* RTL Cut to Underweight at JPMorgan; PT 34 euros
* Siemens Healthineers Cut to Neutral at BNP Paribas; PT 48 euros
* Siemens Healthineers ADRs Cut to Neutral at BNP Paribas; PT $28
* Unicaja Cut to Underperform at Oddo BHF; PT 2.30 euros
* Vinci Cut to Neutral at BNP Paribas; PT 131 euros

>>> Initiation
* Amazon Rated New Buy at Guggenheim; PT $300
* Aumovio Rated New Overweight at Barclays; PT 60 euros
* Birkenstock Rated New Buy at Guggenheim; PT $60
* Bravida Rated New Buy at ABG; PT 110 kronor
* Capri Holdings Rated New Buy at Guggenheim; PT $32
* Deckers Outdoor Rated New Neutral at Guggenheim
* Elekta Rated New Neutral at SB1 Markets; PT 59 kronor
* Gap Rated New Neutral at Guggenheim
* Lululemon Rated New Neutral at Guggenheim
* Macy's Rated New Neutral at Guggenheim
* Magnum Ice Cream Rated New Equal-Weight at Barclays
* Magnum Ice Cream Rated New Buy at ING; PT 17.50 euros
* Magnum Ice Cream Rated New Overweight at Morgan Stanley
* Nike Rated New Buy at Guggenheim; PT $77
* On Holding Rated New Buy at Guggenheim; PT $59
* Peloton Rated New Neutral at Guggenheim
* Princes Group Rated New Buy at Peel Hunt; PT 560 pence
* PVH Rated New Neutral at Guggenheim
* Ralph Lauren Rated New Neutral at Guggenheim
* Shawbrook Group Rated New Overweight at Barclays; PT 520 pence
* Tapestry Rated New Neutral at Guggenheim
* Urban Outfitters Rated New Neutral at Guggenheim
* VF Corp Rated New Neutral at Guggenheim
* Victoria's Secret Rated New Neutral at Guggenheim
* Under Armour Rated New Buy at Guggenheim; PT $6

>>> Call
* European Media AI Concerns Somewhat Overblown, JPMorgan Says