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

>>> Up

* ABN Amro GDRs PT Raised to 34 euros from 29 euros at RBC

* Alcon AG Raised to Buy at Nephron Research

* Equinor Raised to Buy at SB1 Markets; PT 280 kroner

* FinecoBank PT Raised to 25.50 euros from 17 euros at Berenberg

* Givaudan Raised to Overweight at Barclays; PT 3,900 Swiss francs

* Matvareexpressen Raised to Hold at Norne Securities

* Kuehne + Nagel Raised to Equal-Weight at Morgan Stanley
* OCI Raised to Buy at HSBC; PT 5.50 euros

* Witted Megacorp Raised to Buy at Inderes; PT 1.80 euros

>>> Down
* Biohit Cut to Reduce at Inderes; PT 3.70 euros
* Deutsche Post Cut to Equal-Weight at Morgan Stanley; PT 47 euros

* DSM-Firmenich Cut to Equal-Weight at Barclays; PT 85 euros

* Martela Cut to Sell at Inderes; PT 70 euro cents

* Opap Cut to Hold at Wood & Company; PT 20 euros

* Vestas Cut to Hold at Berenberg; PT 160 kroner

>>> Initiation

* Aalberts Rated New Outperform at Bernstein; PT 38 euros

* AbbVie Rated New Sector Outperform at Scotiabank; PT $280

* Amgen Rated New Sector Outperform at Scotiabank; PT $385

* Belimo Rated New Sell at Van Lanschot Kempen

* Bristol Myers Rated New Sector Perform at Scotiabank; PT $45

* CoreWeave Rated New Buy at Compass Point; PT $150
* DSV ADRs Rated New Overweight at Morgan Stanley; PT $130

* Geberit Rated New Sell at Van Lanschot Kempen

* Gilead Rated New Sector Outperform at Scotiabank; PT $140

* Intertek Rated New Add at Peel Hunt; PT 5,498 pence

* Johnson & Johnson Rated New Sector Outperform at Scotiabank

* Merck & Co Rated New Sector Outperform at Scotiabank; PT $105

* Pfizer Rated New Sector Outperform at Scotiabank; PT $30

* PolyPeptide Group Rated New Buy at Berenberg; PT 30 Swiss francs

* Regeneron Rated New Sector Perform at Scotiabank; PT $650

>>> Call
* Aalberts Outperform at Bernstein on Margin Expansion Potential

* DSV Top Pick, DHL Cut as Morgan Stanley Selective in Transport

* Vestas Downgraded at Berenberg With Better Outlook Now Priced In