>>> Europe : Brokers Upgrades & Downgrades - 19th of May 2025 V2(+)

>>> Up

* AO World Raised to Buy at Peel Hunt; PT 137 pence

* H&R Raised to Hold at Kepler Cheuvreux (+)
* RENK Group PT Raised to 72 euros from 54.50 euros at Berenberg

* Roche Bobois SAS Raised to Buy at TP ICAP Midcap; PT 35 euros (+)

* Streamwide Raised to Buy at TP ICAP Midcap; PT 38 euros (+)

* Unibail Raised to Equal-Weight at Morgan Stanley; PT 85 euros

>>> Down

* Acciona Cut to Underperform at RBC; PT 115 euros

* Alcon AG Cut to Hold at Equita; PT 75 Swiss francs (+)

* Borr Drilling Cut to Hold at Arctic Securities; PT $2 (+)

* BP ADRs Cut to Hold at Jefferies; PT $29

* BP Cut to Hold at Jefferies; PT 390 pence

* Cyfrowy Cut to Hold at Erste Group; PT 19.20 zloty

* Euronext Cut to Market Perform at KBW; PT 155 euros

* Euronext Cut to Neutral at JPMorgan; PT 143 euros

* GEA Group Cut to Neutral at Citi; PT 59 euros

* Ithaca Energy Cut to Hold at Jefferies; PT 130 pence

* Jadestone Energy Cut to Hold at Jefferies; PT 20 pence

* Legal & General Cut to Hold at HSBC; PT 255 pence
* Mediobanca Cut to Equal-Weight at Morgan Stanley; PT 22 euros

* Metrovacesa Cut to Neutral at JB Capital Markets; PT 11.75 euros

* OCI Cut to Neutral at Redburn; PT 9 euros

* Siemens Healthineers Cut to Add at AlphaValue/Baader

* SpareBank 1 Nord Norge Cut to Sell at Arctic Securities (+)

* Stef Cut to Hold at TP ICAP Midcap; PT 143 euros (+)

* Tokmanni Cut to Reduce at Inderes; PT 11.50 euros

* Unipol Cut to Neutral at Mediobanca SpA; PT 17 euros

>>> Initiation
* Next Reinstated Neutral at Grupo Santander; PT 12,540 pence

>>> Call

* BP’s Execution Risks Rising, Downgraded to Hold at Jefferies (+)

* Euronext Downgraded at JPMorgan Following Significant Rally

* Goldman Sachs Strategists See US Big Tech Outperforming Again (+)
* Jefferies Cuts Oil Price Forecast as ‘Material Oversupply’ Looms

* Morgan Stanley’s Wilson Says Earnings Revisions Now Key for S&P

* Unibail Raised at Morgan Stanley, But ‘Not Out of the Woods Yet’