>>> Europe : Brokers Upgrades & Downgrades - 15th of October 2025

>>> Up
* flatexDEGIRO PT Raised to 37.50 euros from 32 euros at Citi
- Givaudan PT raised froùm 3,955 to 3,990 CHF at Berenberg
* JPMorgan Raised to Buy at Punto Casa de Bolsa; PT $327.63
* LDA SM Raised to Buy at JB Capital Markets; PT 1.60 euros
* NIBE Industrier Raised to Buy at Pareto Securities; PT 48 kronor
* Skandinaviska Enskilda price target raised to SEK 183 from SEK 175 at Citi
* Sunrun Raised to Market Perform at BMO; PT $19

>>> Down
* Alcon price target lowered to CHF 91 from CHF 101 at Citi
* Alma Media Cut to Reduce at Inderes; PT 15.50 euros
* America Movil ADRs Cut to Hold at Banorte; PT $18.69
* Antofagasta Cut to Sell at Peel Hunt; PT 2,200 pence
* BMW Cut to Hold at Jefferies; PT 85 euros
* GE Vernova Cut to Sell at Rothschild & Co Redburn; PT $475
* ICG Cut to Underperform at BNPP Exane; PT 2,100 pence
* Mapfre Cut to Neutral at JB Capital Markets; PT 4.30 euros
* Nexi Cut to Neutral at BNPP Exane; PT 5.30 euros
* Siemens Energy Cut to Neutral at Rothschild & Co Redburn
* Vossloh Cut to Neutral at Oddo BHF; PT 94 euros
* Wallenius Wilhelmsen Cut to Hold at Arctic Securities
* Ypsomed PT cut from 450 to 420 CHF at Barclays

>>> Initiation
* Adidas ADRs Rated New Neutral at BTIG
* Air France-KLM Rated New Equal-Weight at Morgan Stanley
* BASF Resumed Buy at Citi; PT 52 euros
* Capri Holdings Reinstated Buy at BTIG; PT $30
* Carlsberg Rated New Outperform at Oddo BHF; PT 985 kroner
* Costco Rated New Buy at BTIG; PT $1,115
* DoorDash Rated New Buy at Guggenheim
* EasyJet Rated New Underweight at Morgan Stanley
* Gap Rated New Buy at BTIG; PT $30
* IAG Rated New Overweight at Morgan Stanley
* Instacart Rated New Neutral at Guggenheim
* Jet2 Rated New Equal-Weight at Morgan Stanley
* Kohl's Rated New Neutral at BTIG
* Legal & General Rated New Add at Peel Hunt; PT 255 pence
* Levi Strauss Rated New Buy at BTIG; PT $27
* Lufthansa Rated New Underweight at Morgan Stanley
* Lyft Rated New Buy at Guggenheim
* Macy's Rated New Neutral at BTIG
* Nike Rated New Buy at BTIG; PT $100
* PVH Rated New Buy at BTIG; PT $100
* Ralph Lauren Rated New Buy at BTIG; PT $400
* Ryanair Rated New Overweight at Morgan Stanley
* Tapestry Reinstated Buy at BTIG; PT $140
* Uber Rated New Buy at Guggenheim
* Under Armour Rated New Neutral at BTIG
* Walmart Rated New Buy at BTIG; PT $120
* Wizz Air Rated New Equal-Weight at Morgan Stanley

>>> Call
* Aumovio Rated New Underperform at Jefferies; PT 30.60 euros
* BMW Downgraded to Hold at Jefferies, Now Favoring Mercedes
* IAG Top Airline Pick at Morgan Stanley, Lufthansa Underweight
* Uber and Lyft Rated New Buy at Guggenheim, Instacart New Neutral