>>> Europe : Brokers Upgrades & Downgrades - 19th of September 2025

>>> Up
* Cellnex Raised to Buy at Citi; PT 37.50 euros
* Iberdrola Raised to Outperform at Oddo BHF; PT 18.70 euros
* Klaviyo Raised to Overweight at Morgan Stanley; PT $50
* Nanobiotix SA ADRs PT Raised to $14 from $9 at Leerink
* Nexity Raised to Outperform at Oddo BHF; PT 14.80 euros
* NN Group Raised to Equal-Weight at Morgan Stanley; PT 60 euros
* Stellantis Raised to Buy at Berenberg; PT $11.20
* Tesla Raised to Outperform at Baird; PT $548

>>> Down
* Ashtead Cut to Underperform at RBC; PT 4,600 pence
* ASR Nederland Cut to Equal-Weight at Morgan Stanley; PT 60 euros
* Deutsche Post Cut to Hold at Deutsche Bank; PT 42 euros
* Embracer Cut to Hold at ABG; PT 105 kronor
* H&M Cut to Sell at Inderes; PT 130 kronor
* Kuehne + Nagel Cut to Hold at Deutsche Bank; PT 182 Swiss francs
* Redeia Cut to Hold at Jefferies; PT 18 euros
* SIG Group Cut to Equal-Weight at Morgan Stanley
* Solutions 30 Cut to Neutral at BNPP Exane; PT 1.20 euros
* UPS Cut to Market Perform at BMO; PT $96
* Victrex Cut to Hold at Jefferies; PT 650 pence
* Wizz Air Cut to Hold at Deutsche Bank; PT 1,400 pence

>>> Initiation
* Airbus Reinstated Buy at Goldman; PT 230 euros
* Aumovio Rated New Buy at Deutsche Bank; PT 50 euros
* Bakkavor Cut to Sector Perform at RBC; PT 230 pence
* BAE Reinstated Buy at Goldman; PT 2,270 pence
* CoreWeave Rated New Buy at Loop Capital; PT $165
* Kitwave Group Rated New Hold at Peel Hunt; PT 255 pence
* Melrose Industries Reinstated Buy at Goldman; PT 730 pence
* MTU Aero Reinstated Neutral at Goldman; PT 350 euros
* Trip.com ADRs Rated New Buy at William O'Neil
* RENK Group Reinstated Neutral at Goldman; PT 70 euros
* Rheinmetall Reinstated Buy at Goldman; PT 2,200 euros
* Rolls-Royce Reinstated Buy at Goldman; PT 1,290 pence
* Safran Reinstated Buy at Goldman; PT 340 euros
* Wickes Rated New Buy at Jefferies; PT 275 pence
* WPP ADRs Rated New Neutral at BNPP Exane; PT $29

>>> Call
* Baidu Target Lifted by Goldman on Cloud Potential, Robotaxi