>>> Europe : Brokers Upgrades & Downgrades - 18th of September 2025

>>> Up
* Jupiter Raised to Buy at Peel Hunt; PT 156 pence
* Kuehne + Nagel Raised to Neutral at BNPP Exane
* Nike Raised to Outperform at RBC; PT $90
* Sandvik PT Raised to 305 kronor at Morgan Stanley

>>> Down
* Barry Callebaut Cut to Hold at Deutsche Bank
* BASF Cut to Underperform at BofA; PT 42 euros
* Innate Pharma ADRs Cut to Market Perform at Leerink; PT $2
* Krones Cut to Neutral at BNPP Exane; PT 136 euros
* Maersk Cut to Underperform at BNPP Exane; PT 107,000 kroner
* Metso Cut to Sell at ABG; PT 11.50 euros
* Neste Cut to Neutral at Goldman on Return to Premier Valuation

>>> Initiation
* Deutsche Post ADRs Rated New Underperform at BNPP Exane; PT $40
* Embla Medical HF Rated New Buy at Berenberg; PT 40 kroner
* Pandora ADRs Rated New Outperform at BNPP Exane; PT $26
* Stryker Rated New Neutral at Rothschild & Co Redburn; PT $420
* Zegna Group Rated New Outperform at Oddo BHF; PT $11.50
* Zimmer Biomet Rated New Buy at Rothschild & Co Redburn; PT $130

>>> Call
* BofA Clients Mostly Sold US Stocks, Bought Large Caps and REITs
* Kering’s New Gucci CEO Bellettini Has Good Record, RBC Says
* Norsk Hydro’s Guidance Package May Prompt Upgrades, Analysts Say
* Sandvik PT Raised to Street High at MS on Brownfields Growth
* Zegna an Outperform at Oddo BHF, Earnings Growth Not Priced In