>>> Europe : Brokers Upgrades & Downgrades - 10th of October 2025 V2(+)

>>> Up
* Admicom Raised to Buy at Nordea; PT 56 euros
* Baidu ADRs Raised to Outperform at Macquarie; PT $176
* DNB Bank Raised to Buy at SEB Equities; PT 303 kroner
* Equinox Gold Raised to Outperform at CIBC; PT C$22
* First Quantum Minerals Raised to Overweight at JPMorgan; PT C$42
* Glencore PT raised from 310 to 350 Gbp at Goldman
* Newmont Corp Raised to Outperform at CIBC; PT $112
* Norwegian Air Raised to Buy at Arctic Securities
* Sika Raised to Buy at Rothschild & Co Redburn
* SpareBank 1 Sor-Norge Raised to Buy at SEB Equities
* Verbund Raised to Hold at Erste Group; PT 64.40 euros

>>> Down
* Apetit Cut to Reduce at Inderes; PT 14 euros (+)
* ArcelorMittal Cut to Neutral at Goldman; PT 30 euros
* ArcelorMittal ADRs Cut to Neutral at Goldman; PT $33
* Aviva Cut to Underperform at KBW; PT 650 pence
* Aixtron Cut to Hold at M.M. Warburg; PT 15.50 euros (+)
* Brenntag Cut to Sell at UBS; PT 45 euros
* Ceres Power Cut to Hold at Peel Hunt; PT 190 pence
* Ferrari Cut to Neutral at Banca Akros (ESN); PT 350 euros (+)
* Gerresheimer Cut to Sell at Bankhaus Metzler; PT 27 euros (+)
* Melia Hotels Cut to Neutral at Alantra Equities; PT 8.65 euros
* Nexans Cut to Underperform at BNPP Exane; PT 100 euros
* Norsk Hydro Cut to Equal-Weight at Barclays; PT 70 kroner
* NRC Cut to Hold at ABG; PT 9.80 kroner
* Repsol Cut to Neutral at Alantra Equities; PT 16.65 euros
* Sika PT cut from 200 to 190 CHF at citigroup
* Technip Energies Cut to Neutral at BNPP Exane; PT 40 euros
* TechnipFMC Raised to Outperform at BNPP Exane; PT $47
* Tenaris Cut to Neutral at BNPP Exane; PT 17 euros
* TotalEnergies Cut to Hold at DBS Bank; PT 54 euros
* Yara Cut to Neutral at SB1 Markets; PT 400 kroner

>>> Initiation
* ARM Holdings ADRs Rated New Buy at William O'Neil
* Dr Martens Reinstated Neutral at Goldman; PT 75 pence
* Evolution Rated New Sell at UBS; PT 600 kronor
* Golar LNG Rated New Buy at Citi; PT $51
* Inspiration Healthcare Rated New Buy at Cavendish; PT 82 pence (+)
* Keller Rated New Sector Perform at RBC; PT 1,540 pence
* Lottomatica Rated New Buy at UBS
* Safran Rated New Overweight at Oxcap; PT 350 euros
* Swisscom Resumed Underweight at JPMorgan; PT 525 Swiss francs
* Technip Energies ADRs Rated New Neutral at BNPP Exane; PT $46.80
*Technip Energies ADRs Rated New Neutral at BNPP Exane; PT $46.80
* Tenaris ADRs Rated New Neutral at BNPP Exane; PT $39.80
* Vallourec ADRs Rated New Outperform at BNPP Exane; PT $4.65
* Weatherford Rated New Outperform at BMO; PT $82
* Xaar Rated New Buy at Berenberg; PT 160 pence

>>> Call
* ArcelorMittal Cut to Neutral at Goldman on Valuation (+)
* Aston Martin Falls After Jefferies Lowers PT on Subdued Outlook
* Brenntag End Markets Remain Weak, Downgraded to Sell at UBS (+)
* Gerresheimer Cut to Sell at Bankhaus Metzler on Low Visibility (+)
* Keller Rated New Sector Perform at RBC on Near-Term Uncertainty
* Safran New Overweight at Oxcap on Growth From Broad Portfolio
* Swisscom is Underweight at JPMorgan, Better Options Elsewhere