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

>>> Up
* Adecco Raised to Equal-Weight at Morgan Stanley
* Anglo American Raised to Hold at Berenberg; PT 2,300 pence
* Anglo American ADRs Raised to Hold at Berenberg; PT $15
* Baidu ADRs Raised to Buy at UOB Kay Hian; PT $150
* BASF Raised to Buy at Citi; PT 52 euros
* Equinox Gold Raised to Outperform at RBC; PT C$17
* Gecina Raised to Buy at Citi; PT 122 euros
* Great Portland Raised to Outperform at BNPP Exane; PT 360 pence (+)
* Haleon Raised to Buy at Goldman; PT 440 pence
* HSBC Raised to Outperform at Mediobanca SpA; PT 1,150 pence
* Iamgold Raised to Outperform at RBC; PT C$19.36
* IMCD Raised to Overweight at Morgan Stanley; PT 139 euros
* ISS Raised to Equal-Weight at Morgan Stanley; PT 179 kroner
* Newmont Corp Raised to Outperform at RBC; PT $95
* Nike Raised to Buy at TD Cowen; PT $85
* Repsol PT Raised to 19.50 euros from 18 euros at Mediobanca SpA (+)
* Royal Unibrew Raised to Buy at Deutsche Bank; PT 620 kroner (+)
* TAG Immobilien Raised to Outperform at BNPP Exane; PT 17 euros (+)
* Vidrala Raised to Buy at Bestinver; PT 102 euros

>>> Down
* Azelis Cut to Equal-Weight at Morgan Stanley; PT 17.50 euros
* Centerra Gold Cut to Sector Perform at RBC; PT C$14
* Coty Cut to Hold at Berenberg
* Derwent London Cut to Underperform at BNPP Exane; PT 1,650 pence (+)
* Gecina Cut to Neutral at BNPP Exane; PT 92 euros (+)
* HelloFresh Cut to Equal-Weight at Morgan Stanley; PT 9 euros
* Pernod Ricard Cut to Underweight at Morgan Stanley; PT 85 euros
* Randstad Cut to Underweight at Morgan Stanley; PT 36 euros
* Segro Cut to Underperform at BNPP Exane; PT 590 pence (+)
* Xior Cut to Underperform at BNPP Exane; PT 29 euros (+)

>>> Initiation
* Carl Zeiss Meditec Rated New Overweight at Barclays; PT 52 euros
* Concurrent Tech Rated New Buy at Stifel; PT 220 pence (+)
* EssilorLuxottica Rated New Overweight at Barclays; PT 305 euros
* Getlink Reinstated Underperform at BNPP Exane; PT 12.50 euros
* LEG Immobilien Cut to Underperform at BNPP Exane; PT 69 euros (+)
* Mensch und Maschine Rated New Buy at Deutsche Bank; PT 60 euros (+)
* Tritax Big Box Reinstated Overweight at JPMorgan; PT 180 pence
* XPS Pensions Rated New Buy at Berenberg; PT 440 pence
* Zurich Airport Rated New Underperform at Oddo BHF

>>> Call
* Anglo Has Put Itself in Play With Teck Offer, Canaccord Says
* Anglo American Raised to Hold at Berenberg on Teck Deal (+)
* Barclays Strategists Lift S&P Targets on Solid Profits, AI Boost (+)
* Berenberg Ups Heineken Price Target on Potential Cost Savings (+)
* EssilorLuxottica is Overweight at Barclays on ‘Exciting’ Growth
* Gecina Double-Upgraded at Citi on Rental Growth Inflection
* HelloFresh Downgraded at Morgan Stanley on US Competition (+)
* Inditex Earnings Shows Benefit from Customer Traction: Jefferies (+)
* Morgan Stanley Cautious on Staffers, Positive on Testing Firms
* Novo Nordisk Upgraded at Bernstein on Obesity Opportunity
* Pernod Has Earnings Downgrade Risks, Morgan Stanley Cuts Rating
* Zurich Airport New Underperform at Oddo BHF on Regulatory Risks