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

>>> Up
* Aker BP Raised to Add at AlphaValue/Baader
* BT PT Raised to 130 pence from 112 pence at Citi
* Canatu Raised to Buy at Inderes; PT 12 euros
* Celanese Raised to Overweight at Wells Fargo; PT $66
* Smurfit WestRock Raised to Buy at Jefferies; PT $55
* Spotify PT Raised to $750 from $650 at Evercore ISI
* Symrise Cut to Underperform at Jefferies; PT 90 euros
* Syensqo Raised to Buy at Jefferies; PT 80 euros
* TGS ADRs Raised to Buy at Banco BTG Pactual; PT $37
* Umicore Raised to Buy at Jefferies; PT 16 euros

>>> Down
* Arkema Cut to Hold at Jefferies; PT 65 euros
* Brenntag Cut to Underperform at Jefferies; PT 53 euros
* Clariant Cut to Hold at Jefferies; PT 9.50 Swiss francs
* Kitron Cut to Hold at ABG; PT 57 kroner
* Packaging Corp Cut to Hold at Jefferies; PT $205

>>> Initiation
* Assa Abloy Rated New Hold at Baptista Research; PT 337 kronor
* Atlas Copco Rated New Hold at Baptista Research
* Diploma Reinstated Buy at Investec; PT 5,660 pence
* Ericsson Rated New Hold at Baptista Research; PT 87.90 kronor
* Martin Marietta Rated New Sector Perform at RBC; PT $515
* GEK TERNA SA Rated New Outperform at Mediobanca SpA
* Sandvik Rated New Hold at Baptista Research; PT 239.50 kronor
* Signet Rated New Buy at Jefferies; PT $102
* Volvo Rated New Outperform at Baptista Research
* Ypsomed Rated New Buy at Stifel; PT 475 Swiss francs

>>> Call
* Consumer Ingredients Favored in Europe Chemicals at Jefferies