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

>>> Up
* BAE Raised to Neutral at BNPP Exane; PT 1,286 pence
* Balder Raised to Buy at SEB Equities; PT 83 kronor
* Balder Raised to Buy at Nordea; PT 85 kronor
* Ferrovial Raised to Overweight at JPMorgan; PT 49 euros
* First Solar Raised to Buy at Seaport Global Securities; PT $274
* Goldman Sachs PT Raised to $660 from $560 at Argus
* Indutrade Raised to Buy at ABG; PT 325 kronor
* Iren Raised to Buy at Kepler Cheuvreux
* JPMorgan PT Raised to $275 from $235 at Argus
* Leonardo Raised to Overweight at Morgan Stanley; PT 35 euros
* Orange Polska Raised to Buy at Erste Group; PT 9 zloty
* Orsted Raised to Neutral at Grupo Santander; PT 360 kroner
* Randstad Raised to Buy at BofA
* Rapala VMC Raised to Accumulate at Inderes; PT 2.20 euros
* Rolls-Royce PT Raised to 700 pence at Morgan Stanley
* Sagax Raised to Buy at SEB Equities; PT 270 kronor
* Thales Raised to Outperform at BNPP Exane; PT 176 euros
* Witted Megacorp Raised to Buy at Inderes; PT 2 euros

>>> Down
* AB Foods Cut to Sell at Citi; PT 1,770 pence
* Adecco PT Cut to 19.50 Swiss francs at BofA
* BlueNord Cut to Hold at DNB Markets; PT 680 kroner
* First Quantum Minerals Cut to Hold at Canaccord; PT C$20
* ISS Cut to Underperform at BofA
* Nokia Cut to Sell at Goldman; PT 3.50 euros
* Nokia ADRs Cut to Sell at Goldman; PT $3.60
* Prosus Cut to Hold at Kepler Cheuvreux
* Safran Cut to Equal-Weight at Morgan Stanley; PT 243 euros
* Saint-Gobain Cut to Neutral at UBS
* Var Energi Cut to Hold at DNB Markets; PT 39 kroner

>>> Initiation
* Altria Rated New Equal-Weight at Morgan Stanley; PT $54
* Bankinter Rated New Outperform at RBC; PT 9.75 euros
* Beazley Reinstated Outperform at Autonomous; PT 1,000 pence
* CaixaBank Rated New Sector Perform at RBC; PT 5.65 euros
* Hannover Re Reinstated Neutral at Autonomous; PT 265 euros
* Hiscox Reinstated Neutral at Autonomous; PT 1,115 pence
* Intercos Rated New Buy at Kepler Cheuvreux; PT 17.50 euros
* Lancashire Reinstated Outperform at Autonomous; PT 840 pence
* Munich Re Reinstated Neutral at Autonomous; PT 520 euros
* Philip Morris Rated New Overweight at Morgan Stanley; PT $140
* Pluxee Rated New Hold at Stifel; PT 25 euros
* Prisma Properties Rated New Hold at Pareto Securities
* Scor Reinstated Neutral at Autonomous; PT 27.50 euros
* Swiss Re Reinstated Outperform at Autonomous

>>> Call
* Euro to Fall Below Parity in 2025 on Tariffs, ECB, UBS Predicts