>>> Europe : Brokers Upgrades & Downgrades - 14th of November 2025

>>> Up
* Aegean Air Raised to Buy at Wood & Company; PT 16 euros
* Alfa Financial Raised to Buy at Peel Hunt; PT 275 pence
* Gap Raised to Buy at Jefferies; PT $30
* Hensoldt Raised to Buy at Citi; PT 101 euros
* Mediobanca Raised to Outperform at KBW; PT 21.75 euros
* Monte Paschi Raised to Outperform at KBW; PT 10.10 euros
* Orsted Raised to Buy at HSBC; PT 145 kroner
* Rexel Raised to Overweight at JPMorgan; PT 39.50 euros
* Strabag Raised to Buy at Erste Group; PT 95.30 euros

>>> Down
* Banco BPM Cut to Underperform at KBW; PT 13.28 euros
* BPER Banca Cut to Market Perform at KBW; PT 11.60 euros
* Fortum Cut to Underweight at Morgan Stanley; PT 18 euros
* Intesa Sanpaolo Cut to Market Perform at KBW; PT 6.46 euros
* Sabadell Cut to Sector Perform at RBC; PT 3.30 euros

>>> Initiation
* Logitech Rated New Outperform at Oddo BHF; PT 115 Swiss francs
* Microsoft Rated New Outperform at Baird; PT $600
* Nordic Semiconductor Rated New Neutral at Oddo BHF

>>> Call
* Goldman Sees China Power Push Giving It Edge Over US in AI Race
* Sabadell Cut to Sector Perform at RBC on Lack of Catalysts (1)