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

>>> Up
* Epiroc Raised to Equal-Weight at Morgan Stanley; PT 194 kronor
* Marriott Intl Raised to Buy at Jefferies; PT $303
* Melexis Raised to Buy at Deutsche Bank; PT 70 euros
* ON Semi Raised to Equal-Weight at Morgan Stanley; PT $39
* Repsol Raised to Overweight at Morgan Stanley; PT 13.30 euros
* Renishaw Raised to Hold at Jefferies; PT 2,450 pence
* Sandvik Raised to Overweight at Morgan Stanley; PT 235 kronor
* Teva ADRs Raised to Overweight at JPMorgan; PT $23
TotalEnergies ADRs Raised to Overweight at Morgan Stanley
* Thule Raised to Buy at Jefferies; PT 290 kronor

>>> Down
* BP ADRs Cut to Underweight at Morgan Stanley; PT $26.50
* Castellum Cut to Hold at Arctic Securities; PT 120 kronor
* Equinor Cut to Equal-Weight at Morgan Stanley; PT 250 kroner
* Inmobiliaria Colonial Cut to Hold at Jefferies; PT 6.30 euros
* Lea Bank Cut to Hold at Pareto Securities; PT 15 kronor
* Liontrust Cut to Hold at Peel Hunt; PT 365 pence
* Micron Cut to Underperform at GF Securities; PT $74
* Norwegian Air Cut to Equal-Weight at Barclays; PT 14 kroner
* Weir Group Cut to Equal-Weight at Morgan Stanley; PT 2,570 pence

>>> Initiation
* Brunello Cucinelli Rated New Sector Perform at RBC; PT 105 euros
* Redeia Rated New Buy at Jefferies; PT 20.80 euros
* Vale ADRs Rated New Outperform at CICC; PT $11.30

>>> Call