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

>>> Up
* Gap Raised to Overweight at Barclays; PT $30
* Heidelberg Materials Raised to Overweight at Barclays
* Lemonsoft Raised to Accumulate at Inderes; PT 7.10 euros
* Royal Unibrew Price Target Raised to DKK 700 from DKK 690 by SEB
* RS Group Raised to Buy at Rothschild & Co Redburn; PT 760 pence
* Sea Ltd ADRs Raised to Buy at Phillip Secs; PT $170
* Siemens Energy Raised to Outperform at Grupo Santander

>>> Down
* Azimut Cut to Hold at Deutsche Bank; PT 35 euros
* BNP Paribas Cut to Hold at Deutsche Bank; PT 78 euros
* Buzzi SpA Cut to Equal-Weight at Barclays; PT 55 euros
* Dell Technologies Cut to Underweight at Morgan Stanley; PT $110
* Endesa Cut to Neutral at JPMorgan; PT 32.50 euros
* HP Enterprise Cut to Equal-Weight at Morgan Stanley; PT $25
* HP Inc. Cut to Underweight at Morgan Stanley; PT $24
* Sealed Air Cut to Hold at Stifel; PT $45

>>> Initiation
* Prosafe Rated New Hold at Arctic Securities; PT 4 kroner
* TP ICAP Rated New Buy at Cavendish; PT 342 pence

>>> Call