>>> Europe : Brokers Upgrades & Downgrades - 13th of May 2025

>>> Up
* Argenx ADRs Raised to Outperform at Baird; PT $680
* Aston Martin Raised to Neutral at Mediobanca SpA; PT 78 pence
* Banca Mediolanum PT Raised to 17.20 euros at JPMorgan
* Caterpillar Raised to Outperform at Baird; PT $395
* Entain Raised to Buy at UBS
* Erste PT Raised to 86 euros from 78 euros at JPMorgan
* First Solar Raised to Outperform at Wolfe; PT $221
* Geberit Raised to Outperform at Oddo BHF; PT 680 Swiss francs
* ProSieben Raised to Buy at DZ Bank; PT 8.80 euros

>>> Down
* Chevron Cut to Hold at HSBC; PT $158
* IONOS Group SE Cut to Equal-Weight at Morgan Stanley
* Schneider Electric Cut to Equal-Weight at Barclays

>>> Initiation
* Elliptic Laboratories Rated New Buy at Pareto Securities
* Optima bank Rated New Buy at Wood & Company; PT 18.50 euros
* Palantir Rated New Buy at CTBC Securities; PT $142.30
* Robertet Rated New Buy at Berenberg; PT 1,090 euros
* Saint-Gobain Rated New Sector Perform at RBC; PT 110 euros
* Sika Rated New Outperform at RBC; PT 276 Swiss francs
* Volex Reinstated Buy at Investec; PT 325 pence

>>> Call
* Alfen Warning May Trigger 25% Cuts to Consensus, Jefferies Says
* Geberit Raised to Outperform at Oddo BHF on ‘Innovation Power’
* Goldman Raises S&P 500 Targets on Lower Tariff, Recession Risks