>>> Europe : Brokers Upgrades & Downgrades - 16th of September 2025 V2(+)

>>> Up
* Ashtead Raised to Outperform at BNPP Exane; PT 6,750 pence
* Autostore Raised to Reduce at AlphaValue/Baader
* Big Yellow Group Raised to Buy at Van Lanschot Kempen (+)
* Buzzi SpA PT Raised to 55 euros from 26 euros at Davy (+)
* CoreWeave Raised to Market Outperform at Citizens; PT $180
* Cyfrowy Raised to Buy at Erste Group; PT 17.20 zloty (+)
* 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
* Porvair Raised to Buy at Peel Hunt; PT 860 pence (+)
* Safestore Raised to Buy at Van Lanschot Kempen; PT 750 pence (+)
* Streamwide Raised to Buy at TP ICAP Midcap; PT 67 euros (+)

>>> Down
* Acciona Cut to Sell at Citi; PT 135 euros
* Banqup Group Cut to Neutral at Oddo BHF; PT 4.20 euros (+)
* Beiersdorf Cut to Hold at Jefferies; PT 101 euros
* EasyJet Cut to Neutral at JPMorgan; PT 500 pence
* Elisa Cut to Sell at Handelsbanken; PT 43 euros (+)
* Haleon Cut to Equal-Weight at Barclays; PT 380 pence
* Kering Raised to Buy at CIC; PT 300 euros (+)
* L'Oreal Cut to Underperform at Jefferies; PT 340 euros
* Live Nation Cut to Neutral at Rothschild & Co Redburn; PT $170
* Magyar Telekom Cut to Hold at Erste Group; PT 2,050 forint (+)
* Orange Polska Cut to Accumulate at Erste Group; PT 10.40 zloty (+)
* Telekom Austria Cut to Hold at Erste Group; PT 10.30 euros (+)
* Orsted Cut to Underperform at Grupo Santander; PT 121 kroner
* Revo Insurance Cut to Accumulate at Banca Akros (+)
* 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
* Atoss Software Rated New Buy at Bankhaus Metzler; PT 130 euros (+)
* CoreWeave Rated New Outperform at Raymond James; PT $130
* Ebro EV Motors Rated New Outperform at Renta 4; PT 11.18 euros (+)
* Ferrari Rated New Buy at Berenberg; PT 484 euros
* Mondi ADRs Rated New Neutral at BNPP Exane; PT $27.70
* Sabadell Resumed Hold at Deutsche Bank; PT 3.30 euros (+)

>>> Call
* Acciona Downgraded to Sell at Citi After Shares Rally 55% (+)
* 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
* Kering Upgraded to Buy at CIC as New CEO Is Set to Take Action (+)
* JPMorgan’s Kelly Warns Fed Cuts Risk Hurting Stocks and Bonds
* JPMorgan More Cautious on Short-Haul, EasyJet Cut to Neutral