>>> Europe : Brokers Upgrades & Downgrades - 11th of September 2025 V3(++)

>>> Up
* Adecco Raised to Hold at Jefferies; PT 24 Swiss francs
* Bill Holdings Raised to Outperform at Wolfe; PT $70
* Buzzi SpA Raised to Overweight at JPMorgan; PT 54 euros
* Compass Group Raised to Buy at Deutsche Bank; PT 2,900 pence (+)
* De' Longhi Raised to Outperform at BNPP Exane; PT 38 euros
* Diploma PT Raised to 6,350 pence from 5,750 pence at Berenberg
* GRK Infra Raised to Accumulate at Inderes; PT 14 euros
* Halma PT Raised to 3,750 pence from 3,250 pence at Berenberg
* HighCo Raised to Outperform at Oddo BHF; PT 5 euros
* Inditex Raised to Buy at Trigon Dom Maklerski; PT 54 euros (+)
* ISS Raised to Buy at Jefferies; PT 240 kroner
* OVH Groupe Raised to Buy at CIC; PT 13 euros (+)
* Sika Raised to Neutral at JPMorgan; PT 186 Swiss francs

>>> Down
* Anglo American Cut to Hold at DZ Bank; PT 2,500 pence
* Apple Cut to Reduce at Phillip Secs; PT $200 (+)
* Ashtead Cut to Hold at Jefferies; PT 5,700 pence
* Aurubis Cut to Add at Baader Helvea; PT 110 euros
* Grenevia SA Cut to Reduce at Erste Group; PT 3.45 zloty
* Hays Cut to Hold at Jefferies; PT 61 pence
* HighCo Cut to Add at Gilbert Dupont; PT 4 euros (++)
* Seche Environnement Cut to Add at Gilbert Dupont; PT 98 euros (++)

>>> Initiation
* Dormakaba Rated New Overweight at Barclays; PT 880 Swiss francs
* Evotec Rated New Strong Buy at Portzamparc; PT 9.32 euros (+)
* Fannie Mae Rated New Buy at Deutsche Bank; PT $20
* Freddie Mac Rated New Buy at Deutsche Bank; PT $25
* Norwegian Air Re-Initiated Buy at Danske Bank Markets (+)
* Sacyr Cut to Sell at AlphaValue/Baader
* Tate & Lyle ADRs Rated New Outperform at BNPP Exane; PT $40.90

>>> Call
* AMAZON.COM ADDED AS TOP PICK AT MORGAN STANLEY
* Buzzi Raised to Overweight at JPMorgan: Europe Research Digest (++)
* Citi Strategists See Further Upside for Stocks Through Mid-2026 (++)
* Jefferies Still Likes Testing Firms, Shuffles Staffer Ratings
* Heavyside Favored in Building Materials, Buzzi Raised: JPMorgan