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

>>> Up
* Accenture Raised to Overweight at Morgan Stanley; PT $320
* Aperam Raised to Overweight at Morgan Stanley; PT 40 euros
* Bankinter Raised to Market Perform at KBW; PT 14.68 euros
* Bunge Global Raised to Overweight at Morgan Stanley; PT $120
* DSV Price Target Raised to DKK 1,780 from DKK 1,765 by Nordea
* Eli Lilly Raised to Buy at Daiwa; PT $1,230
* Galp Raised to Outperform at Grupo Santander; PT 17 euros
* Lemonade Raised to Equal-Weight at Morgan Stanley; PT $85
* Munters Price Target Raised to SEK 225 from SEK 180 by Nordea
* Nanobiotix PT raised from 10 to 28 Euros
* Outokumpu Raised to Equal-Weight at Morgan Stanley
* Roku Raised to Overweight at Morgan Stanley; PT $135
* UBS Raised to Buy at BofA; PT 48 Swiss francs
* UniCredit Raised to Outperform at KBW; PT 76.88 euros
* Vale ADRs Raised to Overweight at Morgan Stanley; PT $15

>>> Down
* Azelis Cut to Neutral at Van Lanschot Kempen; PT 11.50 euros
* CVC Capital Cut to Neutral at UBS
* IMCD Cut to Neutral at Van Lanschot Kempen; PT 97 euros
* Lockheed Cut to Equal-Weight at Morgan Stanley; PT $543
* OCI Cut to Hold at ING; PT 2.95 euros
* SKF Cut to Hold at SEB Equities; PT 263 kronor
* SKF Downgraded to Hold from Buy by SEB
* VAT Cut to Neutral at Goldman

>>> Initiation
* AAK Rated New Buy at SB1 Markets; PT 298 kronor
* Big Yellow Group Reinstated Neutral at Goldman; PT 1,120 pence
* Brenntag Rated New Sell at Van Lanschot Kempen; PT 41 euros
* Cabka Rated New Buy at First Berlin; PT 3.10 euros
* D-Wave Quantum Rated New Buy at Jefferies; PT $45
* Magnum Ice Cream Rated New Hold at Deutsche Bank; PT 14.50 euros
* Raiffeisen Rated New Outperform at Oddo BHF
* Rigetti Computing Rated New Hold at Jefferies; PT $30
* Solid State Rated New Buy at Berenberg; PT 240 pence
* Snowflake Assumed Outperform at Raymond James; PT $250
* Wallenius Wilhelmsen Cut to Hold at Pareto Securities

>>> Call
* Accenture Upgraded at Morgan Stanley, Valuation Now Compelling
* Citi Sees Strong 2026 for European Diversified Financials
* Morgan Stanley Sees New Floor in Stainless Steel, Aperam Raised
* Raiffeisen Outperform at Oddo BHF, Still Has Re-Rating Potential
* US Aerospace and Defense Trends Remain Strong: Morgan Stanley