>>> Europe : Brokers Upgrades & Downgrades - 15th of April 2025 V2(+)

>>> Up
* ADP Raised to Neutral at Grupo Santander; PT 109 euros
* Cerillion Raised to Buy at Deutsche Bank; PT 1,550 pence
* DiscoverIE Raised to Outperform at RBC; PT 600 pence
* Enento Group Raised to Accumulate at Inderes; PT 16.50 euros
* Equinor Raised to Neutral at Oddo BHF; PT 255 kroner
* Hexpol Raised to Buy at DNB Markets; PT 96 kronor
* JD Sports Raised to Equal-Weight at Barclays; PT 80 pence
* Lassila & Tikanoja Raised to Buy at Inderes; PT 10 euros
* LSE Group Raised to Buy at Deutsche Bank; PT 12,600 pence (+)
* Next Raised to Buy at Goldman; PT 14,000 pence
* NKT Raised to Overweight at Barclays; PT 597 kroner
* Nokia Raised to Buy at AlphaValue/Baader
* Pandora Raised to Buy at Jyske Bank; PT 1,200 kroner (+)
* Prodways Raised to Buy at TP ICAP Midcap; PT 90 euro cents (+)
* Rotork Raised to Outperform at RBC
* Tele2 Cut to Hold at DNB Markets; PT 140 kronor (+)
* TotalEnergies Raised to Outperform at BNPP Exane; PT 55 euros (+)
* Volvo Raised to Outperform at RBC; PT 295 kronor
* VP Raised to Buy at Peel Hunt; PT 650 pence (+)
* Wartsila Raised to Buy at Kepler Cheuvreux (+)

>>> Down
* ABB: RBC cut PT 43 (50) CHF - sector perform
* AMS Osram: ODDO cut PT 6,00 (7,50) CHF - underperform
* Arcadis Cut to Hold at ING; PT 49 euros
* Atlas Copco Cut to Neutral at Redburn; PT 170 kronor
* Avolta Cut to Reduce at AlphaValue/Baader
* Barry Callebaut Cut to Equal-Weight at Barclays
* Cemex ADRs Cut to Neutral at Bradesco BBI; PT $7.50
* Chevron Cut to Neutral at BNPP Exane; PT $140 (+)
* Corbion Cut to Sell at Berenberg; PT 16 euros
* Domino's Pizza Group Cut to Underweight at Barclays
* Grupo Catalana Occidente Cut to Neutral at JB Capital Markets
* H&M Cut to Add at AlphaValue/Baader
* Interparfums Cut to Hold at Kepler Cheuvreux (+)
* Ironwood Cut to Hold at Jefferies; PT 70 cents
* LVMH Cut to Equal-Weight at Morgan Stanley; PT 590 euros
* Nestle Cut to Neutral at BNPP Exane; PT 90 Swiss francs
* Repsol Cut to Underperform at BNPP Exane; PT 8 euros (+)
* Salzgitter Cut to Underperform at Oddo BHF; PT 21 euros (+)
* Siltronic Cut to Neutral at BNPP Exane; PT 36 euros
* TT Electronics Cut to Sector Perform at RBC
* VAT Group Morgan Stanley Cut PT 300 (315) CHF - equal weight

>>> Initiation
* Adidas Rated New Hold at Berenberg; PT 230 euros
* Adidas ADRs Rated New Hold at Berenberg; PT $131
* Aixtron Rated New Hold at HSBC; PT 9.80 euros
* Apple Rated New Buy at Huatai Research; PT $254
* ARM Holdings ADRs Rated New Neutral at KGI Securities; PT $130
* FRoSTA Rated New Buy at Hauck & Aufhaeuser; PT 110 euros (+)
* Nike Rated New Hold at Berenberg; PT $58
* Puma Rated New Buy at Berenberg; PT 40 euros
* Puma ADRs Rated New Buy at Berenberg; PT $4.50

>>> Call
* ASML Investors See Downside to 1Q Orders Estimate, JPMorgan Says
* Puma Favored by Berenberg in Sporting Goods; Adidas, Nike Hold (+)
* Sulzer Shares Indicated Lower as ZKB Flags Chemtech Orders Miss (+)