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

>>> Up
* Carnival Raised to Hold at HSBC; PT $24
* Carnival Plc Raised to Hold at HSBC; PT 1,645 pence
* CVC Capital Raised to Overweight at Morgan Stanley; PT 20 euros
* EDP SA Raised to Buy at HSBC; PT 4.10 euros
* RENK Group Raised to Overweight at JPMorgan; PT 70 euros
* Seagate Raised to Neutral at BNPP Exane; PT $100
* Tate & Lyle Raised to Buy at Citi; PT 670 pence

>>> Down
* Allianz Cut to Hold at HSBC; PT 370 euros
* Eutelsat Cut to Sell at New Street Research; PT 1.40 euros
* Foot Locker Cut to Equal-Weight at Barclays; PT $24
* Iveco Cut to Hold at Kepler Cheuvreux
* NIBE Industrier Cut to Hold at Pareto Securities; PT 45 kronor
* NV5 Cut to Hold at Lake Street; PT $23
* NV5 Cut to Market Perform at William Blair
* OTP Bank Cut to Neutral at Citi; PT 28,440 forint

>>> Initiation
* Bossard Rated New Neutral at Oddo BHF; PT 200 Swiss francs
* DuPont de Nemours Rated New Buy at Spin-Off Research; PT $77
* Havas NV Rated New Buy at Goldman; PT 1.90 euros
* Mha Rated New Corporate at Cavendish; PT 155 pence
* Robertet Rated New Neutral at Oddo BHF; PT 931 euros
* SFS Rated New Outperform at Oddo BHF; PT 140 Swiss francs

>>> Call
* Alcoa Slips as UBS Downgrades on ‘Lower for Longer’ View (1)