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

>>> Up
* Azelis Raised to Buy at Deutsche Bank; PT 17 euros
* Barratt Redrow Raised to Buy at Peel Hunt; PT 470 pence
* Bytes Technology Raised to Buy at Jefferies; PT 380 pence
* EL: Estee Lauder price target raised to $95 from $60 at Citi
* Hensoldt PT Raised to 120 euros from 110 euros at JPMorgan
* Hiscox Raised to Overweight at Morgan Stanley; PT 1,460 pence
* HMS Networks Raised to Buy at ABG; PT 500 kronor
* IMCD Raised to Buy at Deutsche Bank; PT 136 euros
* Meta PT Raised to $800 from $750 at CFRAMeta PT Raised to $800 from $750 at CFRA

>>> Down
* Almirall Cut to Neutral at JB Capital Markets; PT 12.30 euros
* ArcelorMittal Cut to Equal-Weight at Barclays; PT 27 euros
* Asker Healthcare Group Cut to Hold at Nordea
* BAM Cut to Neutral at Oddo BHF; PT 7.50 euros
* Brenntag Cut to Hold at Deutsche Bank; PT 52 euros
* Brooks Macdonald Cut to Hold at Shore Capital; PT 1,900 pence
* CNH Industrial Cut to Neutral at Goldman; PT $11.50
* JDE Peet's Cut to Hold at KBC Securities; PT 25 euros
* K+S Cut to Reduce at Baader Helvea; PT 13 euros
* Norrhydro Group Cut to Reduce at Inderes; PT 1.40 eurosNorrhydro Group Cut to Reduce at Inderes; PT 1.40 euros
* Outokumpu Cut to Underweight at Barclays; PT 3 euros
* Veidekke Cut to Hold at ABG; PT 175 kroner

>>> Initiation
* Brunello Cucinelli Rated New Market Perform at Bernstein
* Evonik Reinstated Outperform at BNPP Exane; PT 22 euros
* Ferragamo Rated New Underperform at Bernstein; PT 3.40 euros
* Lanxess Reinstated Neutral at BNPP Exane; PT 25 euros
* Novagold Resources Rated New Buy at Citi; PT C$9.61
* UCB Reinstated Buy at Goldman; PT 250 euros
* Wacker Chemie Reinstated Underperform at BNPP Exane; PT 52 euros

>>> Call
* Hays Gets Only Sell as Morgan Stanley Sees Many Risks Ahead
* Hiscox Now Has Clear Plan for Growth, Morgan Stanley Upgrades
* SEB Revenues Solid, Results to Be Taken Positive: Morgan Stanley