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

>>> Up
* Aixtron Raised to Buy at BofA; PT 25.10 euros
* AT&T Raised to Overweight at KeyBanc on Market Leadership
* Bouvet Raised to Buy at Arctic Securities; PT 70 kroner
* Commerzbank price target raised to EUR 34.90 from EUR 34.30 at Citi
* Euronext Raised to Neutral at Goldman; PT 126 euros
* Fraport Raised to Buy at DZ Bank; PT 93 euros
* Nordic Aqua Partners Raised to Hold at Arctic Securities
* Topgolf Callaway Brands PT Raised to $13 from $9 at CFRA
* TotalEnergies Raised to Outperform at Mediobanca SpA
* Wynn Resorts Raised to Buy at CFRA; PT $155

>>> Down
* Arkema Cut to Underweight at Barclays; PT 47 euros
* Auto Trader Cut to Neutral at BofA
* Azelis Cut to Equal-Weight at Barclays; PT 11 euros
* Corticeira Amorim Cut to Underperform at Grupo Santander
* Dino Polska Cut to Underweight at JPMorgan; PT 38 zloty
* Evonik Cut to Equal-Weight at Barclays; PT 16 euros
* Hensoldt Cut to Neutral at JPMorgan; PT 100 euros
* Hiscox Cut to Underperform at Jefferies
* Lanxess Cut to Underweight at Barclays; PT 15 euros
* Rigetti Computing PT Cut to $40 from $50 at Benchmark
* Scout24 Cut to Neutral at BofA; PT 102 euros
* Victrex Cut to Equal-Weight at Barclays
* Vidrala Cut to Neutral at Grupo Santander; PT 95.18 euros

>>> Initiation
* Beauty Tech Group Rated New Buy at Berenberg; PT 400 pence
* Chemometec Rated New Buy at Berenberg; PT 970 kroner
* Cityvarasto Rated New Buy at SEB Equities; PT 20 euros
* Equasens Rated New Outperform at Oddo BHF; PT 56 euros
* Mitie Reinstated Buy at Goldman; PT 230 pence
* SMG Swiss Marketplace Group Rated New Hold at Jefferies
* Wacker Chemie Reinstated Equal-Weight at Barclays; PT 69 euros

>>> Call
* Equasens Primed For Dynamic Growth, New Outperform at Oddo BHF
* European Chemicals Sector Structurally Impaired, Barclays Says
* Hiscox Gets Only Sell as Jefferies Flags Lagging Performance