>>> Europe : Brokers Upgrades & Downgrades - 17th of October 2025 V2(+)

>>> Up
* ABB PT Raised from 56 to 58 CHF at Oddo (+)
* Continental Raised to Buy at Deutsche Bank; PT 65 euros (+)
* Dom Dev Raised to Buy at Trigon Dom Maklerski; PT 300 zloty (+)
* Eltel Raised to Accumulate at Inderes; PT 9.70 kronor
* Entra Raised to Buy at Pareto Securities; PT 140 kroner
* Freeport Raised to Buy at HSBC; PT $50
* Frequentis Raised to Neutral at Oddo BHF; PT 81 euros
* Galderma PT Raised to 182 Swiss francs at Berenberg (+)
* International Paper Raised to Buy at Stifel; PT $57.80
* Kuros PT Raised from 32.50 to 36.5 CHT at Kepler Cheuvreux (+)
* Nestle PT Raised from 90 to 95 CHF at Kepler Cheuvreux (+)
* Note Raised to Buy at Pareto Securities; PT 206 kronor
* Sanoma Raised to Buy at Nordea; PT 12.60 euros
* Smiths PT Raised to 2,870 pence at Panmure Liberum (+)
* TEN Square Games Raised to Hold at Trigon Dom Maklerski (+)

>>> Down
* Lassila & Tikanoja Cut to Reduce at Inderes; PT 10.50 euros
* Nordea Bank Cut to Hold at Arctic Securities; PT 15.32 euros (+)
* Sligro Cut to Neutral at Oddo BHF; PT 12 euros
* VAT PT cut from 470 to 450 CHF at Oddo (+)

>>> Initiation
* BP ADRs Rated New Equal-Weight at Wells Fargo; PT $37
* Shell ADRs Rated New Equal-Weight at Wells Fargo; PT $76
* VIP LN Rated New Corporate at Shore Capital (+)

>>> Call
* Strategists Say European Rally Has Run Its Course: Taking Stock (+)