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

>>> Up
* AbbVie Raised to Buy at Berenberg; PT $270
* Centrica Raised to Overweight at Morgan Stanley; PT 210 pence
* DSV Raised to Buy at ABG; PT 1,600 kroner
* EssilorLuxottica Raised to Buy at Rothschild & Co Redburn
* Grenergy Renovables Raised to Buy at Bestinver; PT 79.50 euros
* Novo Raised to Buy at Berenberg; PT 425 kroner
* Novo ADRs Raised to Buy at Berenberg; PT $67

>>> Down
* Eli Lilly Cut to Hold at Berenberg; PT $830
* Eutelsat Cut to Add at AlphaValue/Baader
* FedEx Cut to Inline at Evercore ISI on Demand Headwinds
* Merck & Co Cut to Hold at Berenberg; PT $90
* M. Vest Water Cut to Hold at Norne Securities; PT 9 kroner
* Norsk Hydro Cut to Hold at ABG; PT 70 kroner
* Solvay Cut to Underweight at Morgan Stanley; PT 25 euros
* Tenaris ADRs Cut to Neutral at Piper Sandler; PT $41
* Wacker Chemie Cut to Underweight at Morgan Stanley; PT 59 euros

>>> Initiation
* Avidity Biosciences Rated New Buy at Roth Capital Partners
* BKW Rated New Hold at Octavian; PT 175 Swiss francs
* Rheinmetall Rated New Buy at William O'Neil
* Saab Rated New Sell at Inderes; PT 310 kronor
* Yubico Rated New Buy at ABG; PT 160 kronor

>>> Call
* Alibaba Shares Rise After Goldman Lifts Target on Cloud Growth
* Centrica Upgraded at Morgan Stanley, Now Top UK Utility Pick
* Indra is ‘Too Cheap to Be Ignored,’ Initiated Buy at Berenberg
* NIO Shares Rise as UBS Upgrades on Consumer Confidence
* Novo Raised to Buy at Berenberg, Now Favored Play in Obesity
* Tenaris Cut to Neutral at Piper Sandler on Pricing Outlook