>>> Europe : Brokers Upgrades & Downgrades - 16th of October 2025 V3(++)

>>> Up
* Ahold Delhaize Raised to Neutral at UBS (++)
* ASML ADRs Raised to Buy at Fubon; PT $1,155
* Centrica Raised to Overweight at Barclays
* Daimler Truck Raised to Hold at mwb research AG (++)
* EDP Renovaveis Raised to Overweight at Barclays
* Gestamp Raised to Buy at Bestinver; PT 3.75 euros
* Hanza Raised to Buy at Nordea; PT 122 kronor
* Las Vegas Sands Raised to Overweight at JPMorgan
* LVMH Raised to Buy at UBS; PT 680 euros (+)
* MOL Raised to Outperform at Santander Biuro Maklerskie (+)
* Suominen Raised to Reduce at Inderes; PT 1.60 euros
* Telecom Italia Raised to Buy at Deutsche Bank; PT 62 euro cents (+)
* Volvo Car Raised to Buy at SEB Equities; PT 28 kronor

>>> Down
* AstraZeneca Cut to Sell at Deutsche Bank; PT 10,500 pence
* BAM Cut to Underperform at Oddo BHF; PT 7.50 euros
* Braskem ADRs Cut to Underperform at Grupo Santander; PT $2.80
* CaixaBank Cut to Neutral at Alantra Equities; PT 10.10 euros (++)
* Elisa Cut to Hold at SEB Equities; PT 49 euros
* Endesa Cut to Equal-Weight at Barclays
* Kering Cut to Sell at Berenberg
* Kering ADRs Cut to Sell at Berenberg; PT $18.50
* LVMH Cut to Hold at Berenberg
* LVMH ADRs Cut to Hold at Berenberg; PT $134
* Redeia Cut to Underweight at Barclays
* Repsol Cut to Equal-Weight at Morgan Stanley After Rally
* Rexel Cut to Equal-Weight at Barclays; PT 30 euros
* YouGov PT Cut to 253 pence from 340 pence at Panmure Liberum (++)
* Zurich Airport Cut to Neutral at Goldman; PT 270 Swiss francs

>>> Initiation
* Cidara Rated New Overweight at Morgan Stanley; PT $190
* Endur ASA Rated New Buy at Nordea; PT 115 kroner
* Exosens SAS Rated New Buy at Berenberg; PT 57 euros
* Filtronic Rated New Buy at Berenberg; PT 196 pence
* GTT Rated New Buy at Jefferies; PT 205 euros
* Intesa Sanpaolo Reinstated Outperform at RBC; PT 7 euros
* Monte Paschi Rated New Buy at Jefferies; PT 9.30 euros
* Tesla Rated New Underperform at BNPP Exane; PT $307 (+)

>>> Call
* AstraZeneca Shares Fall as Deutsche Bank Cuts To Sell (++)
* BAM Groep Sinks as Oddo BHF Cuts to Underperform on Risks (++)
* Citi Strategists See Choppier Phase for Equity Bull Market (++)
* Draegerwerk Surges as MWB Research Cites ‘Convincing Rebound’ (++)
* Luxury Super Cycle Has Ended, LVMH, Kering Cut at Berenberg
* Monte Paschi Rated New Buy at Jefferies on Synergies (+)
* Tesla Rated New Underperform at BNPP Exane On Valuation (+)
* Volex Rises as Holds Forecasts Amid Tough Backdrop: Street Wrap (++)
* Volvo Car Climbs After SEB Upgrades Auto Firm to Buy From Hold (++)