>>> Europe : Brokers Upgrades & Downgrades - 17th of December 2025

>>> Up

* Abivax ADRs PT Raised to $142 from $112 at Piper Sandler

* Airbnb Raised to Outperform at RBC; PT $170
* AQ Group Raised to Buy at SEB Equities; PT 206 kronor

* Ashtead Raised to Overweight at KeyBanc; PT 6,350 pence

* Berkeley Group price target raised to 3,754 GBp from 3,710 GBp at Citi

* Gap Raised to Outperform at Baird; PT $33

* Generali Raised to Buy at UBS; PT 40 euros

* Glencore Raised to Buy at Berenberg; PT 480 pence

* HSBC Raised to Outperform at KBW; PT 1,240 pence

* Hyatt Raised to Overweight at Barclays; PT $200

* Leroy Raised to Equal-Weight at Barclays; PT 52 kroner

* Mowi Raised to Overweight at Barclays; PT 260 kroner

* Phoenix Group Raised to Buy at UBS; PT 770 pence

* Salmar Raised to Equal-Weight at Barclays; PT 600 kroner

* Skan Group Raised to Buy at Baader Helvea; PT 69 Swiss francs

>>> Down

* Admiral Cut to Neutral at UBS; PT 3,300 pence
* Andfjord Salmon Group Cut to Hold at Fearnley; PT 30 kroner

* Bioretec Cut to Reduce at Inderes; PT 60 euro cents

* Hochschild Mining Cut to Neutral at UBS; PT 480 pence

* Hunting Cut to Hold at Jefferies

* M&G Cut to Neutral at UBS; PT 290 pence

* Mowi Cut to Hold at Arctic Securities; PT 258 kroner

* Norwegian Air Cut to Hold at Pareto Securities; PT 19 kroner

* Swiss Re Cut to Neutral at UBS; PT 135 Swiss francs

>>> Initiation
* Coffee Stain Group Rated New Buy at SEB Equities; PT 26 kronor

* Coffee Stain Group Rated New Hold at Nordea

* Helvetia Baloise Holding Rated New Buy at Berenberg

* Inditex Reinstated Buy at William O'Neil

* Philips Rated New Sector Perform at RBC; PT 25 euros

* Talanx Reinstated Neutral at BNP Paribas; PT 110 euros

>>> Call

* Helvetia Baloise New Buy at Berenberg on Swiss Non-Life Outlook

* Siemens Healthineers Outperform, Philips Sector Perform at RBC
* SKF Placed on Negative Catalyst Watch at JPMorgan Before Results