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

>>> Up
* Ashtead Raised to Outperform at BNPP Exane; PT 6,750 pence
* Autostore Raised to Reduce at AlphaValue/Baader
* CoreWeave Raised to Market Outperform at Citizens; PT $180
* Danone Raised to Buy at Jefferies; PT 84 euros
* Entain PT Raised to 1,400 pence from 1,200 pence at Berenberg
* Ferrari Raised to Outperform at Mediobanca SpA; PT $572.46
* Fresnillo PT Raised to 2,500 pence from 2,100 pence at JPMorgan
* Intea Fastigheter Raised to Buy at ABG; PT 83 kronor
* LondonMetric Raised to Overweight at JPMorgan; PT 215 pence
* Novo Raised to Buy at Rothschild & Co Redburn; PT 440 kroner

>>> Down
* Acciona Cut to Sell at Citi; PT 135 euros
* Beiersdorf Cut to Hold at Jefferies; PT 101 euros
* EasyJet Cut to Neutral at JPMorgan; PT 500 pence
* Haleon Cut to Equal-Weight at Barclays; PT 380 pence
* L'Oreal Cut to Underperform at Jefferies; PT 340 euros
* Live Nation Cut to Neutral at Rothschild & Co Redburn; PT $170
* Orsted Cut to Underperform at Grupo Santander; PT 121 kroner
* Warner Bros Discovery Cut to Hold at TD Cowen; PT $14

>>> Initiation
* Addlife Rated New Buy at ABG; PT 220 kronor
* Adyen Rated New Buy at ING; PT 1,850 euros
* CoreWeave Rated New Outperform at Raymond James; PT $130,
* Ferrari Rated New Buy at Berenberg; PT 484 euros
* Mondi ADRs Rated New Neutral at BNPP Exane; PT $27.70

>>> Call
* Apple and Dell Rated New Outperform at Bernstein on AI Potential
* Danone Double-Upgraded at Jefferies on More Sustainable Growth
* Ferrari a Compelling Long-Term Investment, New Buy at Berenberg
* JPMorgan’s Kelly Warns Fed Cuts Risk Hurting Stocks and Bonds
* JPMorgan More Cautious on Short-Haul, EasyJet Cut to Neutral