>>> Europe : Brokers Upgrades & Downgrades - 16th of April 2025

>>> Up
* Caterpillar Raised to Equal-Weight at Morgan Stanley; PT $283
* Delivery Hero Raised to Neutral at Citi; PT 23.50 euros
* First Quantum Minerals Raised to Buy at Canaccord; PT C$23
* Fortnox Raised to Equal-Weight at Morgan Stanley
* Hollywood Bowl Raised to Buy at Peel Hunt
* Lockheed Raised to Overweight at Morgan Stanley; PT $575
* Lundin Mining Raised to Buy at Canaccord; PT C$14
* Maersk Raised to Neutral at Citi; PT 11,093 kroner
* TomTom Raised to Buy at AlphaValue/Baader
* Verbund Raised to Neutral at Oddo BHF; PT 64 euros

>>> Down
* Autoneum Cut to Hold at Octavian; PT 125 Swiss francs
* DuPont de Nemours PT Cut to $68 from $85 at Argus
* Lime Technologies Cut to Sell at DNB Markets; PT 355 kronor
* LVMH Cut to Hold at TD Cowen; PT 500 euros
* Nvidia Cut to Hold at Aletheia Capital
* Paccar Cut to Equal-Weight at Morgan Stanley; PT $96
* Symrise Cut to Sell at Van Lanschot Kempen; PT 90 euros
* United Airlines Cut to Market Perform at Raymond James
* Veolia Cut to Underperform at Jefferies; PT 25 euros

>>> Initiation
* First Quantum Minerals Reinstated Outperform at BMO; PT C$23
* GSK ADRs Rated New Neutral at BNPP Exane; PT $35.25
* Nordex Rated New Buy at Berenberg; PT 19 euros
* Novo ADRs Rated New Underperform at BNPP Exane; PT $61
* Sanofi ADRs Rated New Outperform at BNPP Exane; PT $65

>>> Call
* LVMH Cut, Given Street-Low Target at TD Cowen After Weak Results
* Maersk’s Valuation ‘Unusually Attractive,’ Citi Upgrades
* Shell Seen as Resilient, ‘Stand-Out’ Oil Major by Bernstein
* Veolia Downgraded at Jefferies on Challenged Earnings Outlook