>>> Europe : Brokers Upgrades & Downgrades - 13th of November 2025 V3(++)

>>> Up
* ABN Amro GDRs PT Raised to 34 euros from 29 euros at RBC
* 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
* Fincantieri Raised to Buy at Banca Akros (++)
* FinecoBank PT Raised to 25.50 euros from 17 euros at Berenberg
* Givaudan Raised to Overweight at Barclays; PT 3,900 Swiss francs
* Kuehne + Nagel Raised to Equal-Weight at Morgan Stanley
* Matvareexpressen Raised to Hold at Norne Securities
* Torm Raised to Buy at Fearnley; PT 172 kroner (+)
* OCI Raised to Buy at HSBC; PT 5.50 euros
* Witted Megacorp Raised to Buy at Inderes; PT 1.80 euros

>>> Down
* 2020 Bulkers Cut to Neutral at Clarksons; PT 148 kroner (+)
* A2A Cut to Neutral at Banca Akros (++)
* 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
* Marks Electrical Group Cut to Hold at Shore Capital; PT 50 pence
* Martela Cut to Sell at Inderes; PT 70 euro cents
* Opap Cut to Hold at Wood & Company; PT 20 euros
* SSE Cut to Sell at Citi; PT 1,997 pence (+)
* 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
* Agfa-Gevaert Cut to Hold at KBC Securities (+)
* 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
* Esi Rated New Buy at Euroland Corporate; PT 2.50 euros (+)
* 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
* Rea Holdings Rated New Speculative Buy at Canaccord (+)
* Regeneron Rated New Sector Perform at Scotiabank; PT $650
* Solaria Energia Cut to Neutral at CaixaBank BPI; PT 16.10 euros (++)

>>> Call
* Aalberts Outperform at Bernstein on Margin Expansion Potential
* Deutsche Bank Shares Have More Upside, JPMorgan Says (++)
* DSV Top Pick, DHL Cut as Morgan Stanley Selective in Transport
* Duerr Gains as Bernstein Highlights Significant Beat on Ebit (++)
* Givaudan Indicated Higher as Barclays Upgrades to Overweight (+)
*
* Siemens Falls as JPMorgan Notes FX Challenges, Opaque Guidance
* Vestas Downgraded at Berenberg With Better Outlook Now Priced In