>>> Europe : Brokers Upgrades & Downgrades - 11th of November 2025

>>> Up
* Autostore Raised to Hold at SEB Equities; PT 10 kroner
* Barclays PT Raised to 525 pence from 500 pence at RBC
* Beijer REF Raised to Buy at Berenberg; PT 180 kronor
* Compass Group Raised to Buy at Goldman; PT 3,000 pence
* Duolingo Cut to Add at Sealand Securities
* Evonik Cut to Underperform at Jefferies; PT 12.20 euros
* Givaudan Raised to Buy at Jefferies; PT 3,800 Swiss francs
* Investors House Raised to Reduce at Inderes; PT 3.50 euros
* Lanxess Raised to Hold at Jefferies
* Rightmove Raised to Outperform at Grupo Santander; PT 700 pence
* Yara Raised to Buy at Jefferies

>>> Down
* Croda Cut to Hold at Jefferies; PT 3,000 pence
* ING Cut to Underperform at KBW; PT 23 euros
* INWIT Cut to Neutral at JPMorgan; PT 11.80 euros
* Lundbeck Cut to Underperform at Jefferies; PT 39 kroner
* Mosaic Cut to Neutral at JPMorgan; PT $26
* Marriott Vacations Cut to Neutral at Mizuho Securities; PT $58
* Northern Data Cut to Hold at Canaccord; PT 15 euros
* Teleperformance Cut to Add at AlphaValue/Baader

>>> Initiation
* Itab Shop Concept Rated New Buy at SB1 Markets; PT 26 kronor

>>> Call
* Beijer REF Showing its Resilience, Raised to Buy at Berenberg