>>> Europe : Brokers Upgrades & Downgrades - 12th of December 2025

>>> Up
* Accor Raised to Buy at Deutsche Bank; PT 53 euros
* Centrica Raised to Overweight at JPMorgan; PT 203 pence
* Cirsa Enterprises Raised to Overweight at Morgan Stanley
* FLSmidth Raised to Buy at ABG; PT 545 kroner
* Ilkka Oyj Raised to Accumulate at Inderes; PT 4 euros
* InterContinental Hotels Raised to Buy at Jefferies
* Lottomatica Raised to Overweight at Morgan Stanley; PT 28 euros
* Lululemon Raised to Hold at Jefferies; PT $170
* Sanoma Raised to Buy at Inderes; PT 11.30 euros
* Scanfil Raised to Accumulate at Inderes; PT 10.50 euros
* TBC Bank Group Raised to Buy at Wood & Company; PT 4,790 pence

>>> Down
* Air Products Cut to Neutral at UBS; PT $250
* Elior Cut to Hold at Deutsche Bank; PT 3.20 euros
* Galp Cut to Hold at Jefferies; PT 15 euros
* Givaudan cut PT from 37-,750 to 3,500 at Citi
* Pennon Cut to Neutral at JPMorgan; PT 565 pence
* Playtech Cut to Underweight at Morgan Stanley; PT 215 pence
* Sandisk Cut to Hold at GF Securities; PT $239
* Severn Trent Cut to Neutral at JPMorgan; PT 2,975 pence
* Shell Cut to Hold at ING; PT 2,951.67 pence
* United Utilities Cut to Neutral at JPMorgan; PT 1,300 pence
* Warner Bros Discovery Cut to Hold at Spin-Off Research
* Whitbread Cut to Hold at Jefferies; PT 2,100 pence

>>> Initiation
* Addtech Rated New Buy at SB1 Markets; PT 395 kronor
* Asmodee Rated New Buy at SB1 Markets; PT 148 kronor
* Bilfinger Rated New Buy at William O'Neil
* Boeing Rated New Buy at Citi; PT $265
* EFG International Rated New Neutral at Oddo BHF
* Enel Chile ADRs Rated New Overweight at Morgan Stanley; PT $4.30
* Indutrade Rated New Neutral at SB1 Markets; PT 250 kronor
* Julius Baer Rated New Outperform at Oddo BHF; PT 68 Swiss francs
* Lagercrantz Rated New Neutral at SB1 Markets; PT 225 kronor
* Lifco Rated New Buy at SB1 Markets; PT 410 kronor
* Magnum Ice Cream Rated New Neutral at Goldman; PT 13.70 euros
* Moderna Rated New Hold at Jefferies; PT $30
* National Grid ADRs Rated New Overweight at Morgan Stanley
* Oracle Rated New Add at CTBC Securities; PT $240

>>> Call
* Citi Eyes Trillion-Dollar Values for Defense Companies Like GE