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

>>> Up
* Alvotech Raised to Overweight at Morgan Stanley; PT $14
* Baidu ADRs PT Raised to $166 from $143 at Citi
* Broadcom PT Raised to $460 from $420 at KeyBanc
* DoorDash Raised to Overweight at JPMorgan; PT $325
* Fevertree Drinks Raised to Buy at Jefferies; PT 1,100 pence
* Fiskars Raised to Reduce at Inderes; PT 12 euros
* Hiscox Raised to Outperform at RBC; PT 1,600 pence
* Holcim raised PT from 60 to 78 CHF at UBS
* INVISIO AB Raised to Buy at SEB Equities; PT 375 kronor
* Klepierre Raised to Overweight at JPMorgan; PT 38 euros
* SWiss Life PT raised from 865 to 925 CHF at Barclays
* T-Mobile Raised to Outperform at RBC; PT $270
* Var Energi Raised to Buy at Norne Securities; PT 38 kroner

>>> Down
* Albemarle Cut to Neutral at BofA; PT $100
* BASF Cut to Sell at Berenberg; PT 37 euros
* BASF ADRs Cut to Sell at Berenberg; PT $10.80
* Bekaert Cut to Underperform at Oddo BHF; PT 34.50 euros
* Cavendish Hydrogen Cut to Hold at Fearnley; PT 9.50 kroner
* Echo Investment Cut to Accumulate at Erste Group; PT 6.36 zloty
* Hannover Re Cut to Sector Perform at RBC
* IMI Cut to Sector Perform at RBC; PT 2,500 pence
* Lancashire Cut to Underperform at RBC
* Michelin Cut to Neutral at Oddo BHF; PT 30 euros
* PagSeguro Cut to Neutral at Goldman; PT $9
* Santander Brasil ADRs Cut to Sell at Goldman; PT $4.90
* Siemens Cut to Equal-Weight at Morgan Stanley; PT 240 euros
* Solstad Maritime Holding Cut to Hold at SEB Equities
* Sonova PT cut from 310 to 250 CHF at Goldman
* Sopra Steria Cut to Neutral at BNPP Exane; PT 146 euros
* Straumann PT cut PT from 133 to 125 CHF Barclays
* Swiss Re Cut to Underperform at RBC
* Volution Cut to Add at Peel Hunt; PT 725 pence
* Wallenius Wilhelmsen Cut to Hold at Pareto Securities

>>> Initiation
* Almirall Rated New Buy at Stifel; PT 14.50 euros
* Deoleo Rated New Buy at JB Capital Markets; PT 25 euro cents
* Munters Rated New Buy at SB1 Markets; PT 160 kronor
* Salesforce Reinstated Buy at President Capital Management
* USA Rare Earth Rated New Buy at President Capital Management
* Zegna Group Rated New Buy at Jefferies; PT $12.90

>>> Call
* BASF Cut to Sell at Berenberg on Weak Demand and Oversupply
* Klepierre Double-Upgraded at JPMorgan on Stronger Capital Growth
* Siemens No Longer Trading at Discount, Cut at Morgan Stanley
* Tesla Stock a Must Own Though Valuation a Guesswork, Melius Says