>>> Europe : Brokers Upgrades & Downgrades - 13th of October 2025 V2(+)

>>> Up
* Acciona Energia Raised to Neutral at JB Capital Markets (+)
* Air Liquide Raised to Outperform at Grupo Santander
* Argan Raised to Overweight at JPMorgan; PT $315
* ASML ADRs Raised to Hold at GF Securities; PT $882
* Biophytis SA Raised to Buy at Invest Securities SA (+)
* DNB Bank Raised to Neutral at BNPP Exane; PT 287 kroner
* Estee Lauder Raised to Buy at Goldman; PT $115
* Fresnillo Raised to Hold at HSBC; PT 2,000 pence
* Havas NV Raised to Buy at Kepler Cheuvreux; PT 1.75 euros (++)
* Kalmar Raised to Buy at OP Corporate Bank; PT 40 euros (+)
* Kesko Raised to Buy at DNB Carnegie; PT 21 euros (++)
* Legrand Raised to Buy at Jefferies; PT 167 euros
* Leroy PT Raised to 68 kroner from 62 kroner at DNB Carnegie (++)
* Logitech PT raised from 88 to 100 CHF at Kepler Cheuvreux
* M&G Raised to Buy at Berenberg; PT 342 pence
* Newmont Corp Raised to Buy at Goldman; PT $104.30
* Norwegian Air Raised to Overweight at Barclays; PT 17.75 kroner
* Palo Alto Networks Raised to Buy at BTIG; PT $248 (++)
* Salmar PT Raised to 650 kroner from 550 kroner at DNB Carnegie (++)
* Sandisk PT Raised to $150 from $125 at Citi (++)
* SUSS MicroTec Raised to Outperform at Oddo BHF; PT 45 euros
* Teleperformance Raised to Buy at TP ICAP Midcap; PT 88 euros (+)
* Tristel Raised to Buy at Panmure Liberum; PT 428 pence (+)
* Volvo Raised to Market Perform at Bernstein; PT 270 kronor (++)

>>> Down
* Cemex ADRs Cut to Neutral at Citi; PT $10
* Enersense Cut to Accumulate at Inderes; PT 4.70 euros
* Envipco Cut to Sell at SB1 Markets; PT 5.53 euros
* Ericsson Cut to Hold at Jefferies; PT 80 kronor
* Grieg Seafood Raised to Buy at Pareto Securities; PT 74 kroner
* Heineken Cut to Add at AlphaValue/Baader
* Intel Cut to Underperform at BofA; PT $34 (++)
* Leroy Cut to Hold at Pareto Securities; PT 52 kroner
* Mycronic Raised to Buy at ABG; PT 225 kronor
* Novartis Cut to Hold at Intron Health; PT 110 Swiss francs
* Straumann Cut to Neutral at Goldman; PT 100 Swiss francs
* Tele2 Cut to Hold at SEB Equities; PT 164 kronor
* Tomra Cut to Sell at SB1 Markets; PT 125 kroner
* Unite Group PT Cut to 675 pence at Panmure Liberum (+)
* Wacker Neuson Cut to Hold at M.M. Warburg; PT 23 euros (+)

>>> Initiation
* Alcon AG Rated New Equal-Weight at Barclays (++)
* Aviva Resumed Outperform at RBC; PT 800 pence
* Ebro EV Motors Rated New Buy at JB Capital Markets
* Fevara PLC Rated New Buy at Canaccord; PT 170 pence (+)
* Kainos Rated New Add at Peel Hunt; PT 1,100 pence
* Kongsberg Automotive Rated New Buy at Arctic Securities
* MTU Aero Rated New Equal-Weight at Oxcap; PT 405 euros
* Norman Broadbent Rated New Corporate at Cavendish; PT 345 pence (+)
* Rexel Rated New Hold at Jefferies; PT 28 euros
* Stubhub Rated New Outperform at BMO; PT $30
* Stubhub Rated New Outperform at Oppenheimer; PT $23 (++)
* Stubhub Rated New Peerperform at Wolfe (++)

>>> Call
* Aviva Set for Better Capital Returns, Resumed Outperform at RBC
* Bernstein Trims Delivery Hero Price Target Amid 'More Cautious' Stance on Asia Earnings Performance
* Goldman Cautions ‘Wider Range of Outcomes’ From US-China Tension
* BofA Keeps Infineon Technologies at Buy on 'Underappreciated' Quantum Computing Opportunities
* Kion Shares Rise as Morgan Stanley Hikes PT on Growth Outlook (++)
* Legrand Double-Upgraded to Buy at Jefferies; PT to 167 Euros (++)
* Major China Stock Selloff Could Produce Buy Opportunity: JPM
* Nomura Sees ‘Decent Chance’ of Xi-Trump Meeting Despite Tensions