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

>>> Up
* FactSet Raised to Neutral at Rothschild & Co Redburn; PT $370
* Hannover Re Raised to Buy at UBS; PT 280 euros
* SSP Raised to Buy at Berenberg; PT 190 pence

>>> Down
* Applied Materials Cut to Neutral at Mizuho on China Competition
* Central Asia Metals Cut to Hold at Berenberg; PT 170 pence
* Couche-Tard Cut to Neutral at Goldman; PT C$80
* Helvetia Cut to Hold at Bank Vontobel
* Novartis Cut to Sell at Goldman; PT 94 Swiss francs
* Novartis ADRs Cut to Sell at Goldman; PT $118
* Tekova Cut to Reduce at Inderes; PT 1.55 euros
* Telenor Cut to Hold at Deutsche Bank; PT 163 kroner
* WH Smith Cut to Hold at Berenberg; PT 700 pence

>>> Initiation
* ABN Amro GDRs Reinstated Underperform at BNPP Exane; PT 24 euros
* Barry Callebaut Rated New Neutral at Rothschild & Co Redburn
* Ekinops SAS Rated New Buy at Stifel; PT 5 euros
* Eutelsat Rated New Sell at Stifel; PT 2.40 euros
* ING Reinstated Outperform at BNPP Exane; PT 26 euros
* Inwido Rated New Buy at Berenberg; PT 228 kronor
* KBC Reinstated Neutral at BNPP Exane; PT 109 euros
* Legrand Rated New Neutral at Stifel; PT 130 euros
* SES GDRs Rated New Neutral at Stifel; PT 5.70 euros
* Telia Resumed Neutral at Citi; PT 36 kronor

>>> Call
* Avolta, SSP Top Travel Concession Picks, WH Smith Cut: Berenberg
* FedEx Cut as CFRA Sees Macroeconomic Pressures Persisting
* Inwido Resilient in a Difficult Market, New Buy at Berenberg
* SIG Group Working to Reclaim Credibility, Oddo BHF Is Outperform