>>> Europe : Brokers Upgrades & Downgrades - 18th of August 2025 V2(+)

>>> Up
* Autostore Raised to Equal-Weight at Morgan Stanley; PT 8 kroner
* Boozt Raised to Buy at SEB Equities; PT 100 kronor
* Dr Martens Raised to Buy at Peel Hunt; PT 112 pence
* Hapag-Lloyd PT Raised to 72 euros from 70 euros at JPMorgan
* Kesla Raised to Reduce at Inderes; PT 2.80 euros (+)
* Nexstim Raised to Reduce at Inderes; PT 12.50 euros
* Pandora Raised to Buy at Jyske Bank; PT 1,150 kroner (+)
* Permanent TSB Raised to Outperform at KBW; PT 2.90 euros
* SpareBank 1 Nord Norge Raised to Hold at Arctic Securities (+)
* TAG Immobilien Raised to Buy at M.M. Warburg; PT 19.70 euros (+)
* Tokmanni Raised to Buy at SEB Equities; PT 12 euros
* Tulikivi Raised to Reduce at Inderes; PT 42 euro cents
* Xerox Raised to Neutral at Citi; PT $4.50

>>> Down
* Bakkafrost Cut to Hold at Pareto Securities; PT 470 kroner
* Close Brothers Cut to Sector Perform at RBC
* Commerzbank Cut to Hold at Deutsche Bank; PT 35 euros (+)
* Crest Nicholson Cut to Hold at Stifel; PT 190 pence
* Eli Lilly Cut to Neutral at Daiwa; PT $700
* Equinor Cut to Neutral at SpareBank; PT 270 kroner
* Fractal Gaming Group Cut to Hold at ABG; PT 45 kronor
* Hoegh Autoliners Cut to Hold at Arctic Securities
* Lanxess Cut to Sell at Van Lanschot Kempen; PT 16.70 euros (+)
* Northern Oil & Gas Cut to Underweight at Morgan Stanley; PT $27
* Occidental Cut to Equal-Weight at Morgan Stanley; PT $52
* Segro Cut to Underweight at Barclays; PT 550 pence
* SpareBank 1 Helgeland Raised to Hold at Arctic Securities (+)
* Spirent Cut to Hold at Canaccord; PT 199 pence
* U-blox Cut to Hold at Bank Vontobel; PT 135 Swiss francs (+)
* Vestas Cut to Hold at Fearnley; PT 110 kroner (+)

>>> Initiation
* Babcock Rated New Outperform at RBC; PT 1,200 pence
* Cirsa Enterprises Rated New Overweight at Barclays; PT 20 euros
* Cirsa Enterprises Rated New Outperform at Mediobanca SpA
* Cirsa Enterprises Rated New Buy at Jefferies; PT 20 euros
* Cirsa Enterprises Rated New Buy at BTIG; PT 19 euros
* Cirsa Enterprises Rated New Buy at Alantra Equities (+)
* EchoStar Rated New Hold at Baptista Research; PT $30.70
* Magna Intl Rated New Hold at Baptista Research
* Oshkosh Rated New Hold at Baptista Research; PT $154.90
* Wendel Rated New Neutral at Autonomous; PT 93.70 euros

>>> Call
* Autostore is Moving Past the Trough, Morgan Stanley Upgrades
* Babcock Has Strong Prospects for Success, New Outperform at RBC
* Close Brothers Upside Now Limited, Cut to Sector Perform at RBC