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

>>> Up
* Alpha Services Raised to Outperform at Mediobanca SpA
* BPER Banca Raised to Buy at Deutsche Bank; PT 7.60 euros
* Budimex Raised to Neutral at Citi; PT 551 zloty
* Carl Zeiss Meditec Raised to Hold at Stifel; PT 60 euros
* DiaSorin Raised to Buy at Stifel; PT 115 euros
* Grifols Raised to Overweight at Morgan Stanley; PT 12 euros
* Harbour Energy Raised to Neutral at Goldman; PT 245 pence
* Marimekko Raised to Accumulate at Evli Bank; PT 13 euros
* NXP Semi Upgraded at Morgan Stanley on Aligning Tailwinds
* Piraeus Bank Raised to Outperform at Mediobanca SpA
* Ponsse Raised to Accumulate at Inderes; PT 24 euros
* Sartorius Raised to Overweight at Morgan Stanley; PT 340 euros
* Sartorius Stedim Raised to Overweight at Morgan Stanley
* Schott Pharma Raised to Buy at Stifel; PT 26.50 euros
* Teleste Raised to Accumulate at Inderes; PT 3.20 euros
* UPM-Kymmene Raised to Buy at Citi; PT 36 euros

>>> Down
* AstraZeneca Cut to Hold at Nordea
* H&M Cut to Hold at Deutsche Bank; PT 160 kronor
* Hexagon Purus Cut to Hold at Pareto Securities; PT 2 kroner
* L'Oreal Cut to Equal-Weight at Morgan Stanley; PT 379 euros
* Lanxess Cut to Neutral at Van Lanschot Kempen; PT 29 euros
* Logista Cut to Neutral at Grupo Santander; PT 33.20 euros
* Lonza Cut to Equal-Weight at Morgan Stanley; PT 625 Swiss francs
* Merck KGaA Cut to Equal-Weight at Morgan Stanley; PT 160 euros
* NNIT Cut to Sell at ABG; PT 70 kroner
* On Holding Cut to Neutral at Goldman; PT $57
* Spectris Cut to Hold at HSBC; PT 3,200 pence
* Witted Megacorp Cut to Accumulate at Inderes; PT 1.80 euros

>>> Initiation
* Ashtead Technology Rated New Buy at Investec; PT 819 pence
* AstraZeneca Rated New Overweight at Morgan Stanley
* Covestro Rated New Market Perform at CICC; PT 62 euros
* Novo Rated New Equal-Weight at Morgan Stanley; PT 700 kroner
* Zegona Communications Rated New Outperform at Grupo Santander

>>> Call
* L’Oreal Downgraded at Morgan Stanley Amid Decelerating Growth