>>> Europe : Brokers Upgrades & Downgrades - 1st & 2ndof May 2025 V2(+)

>>> Up
* Air France-KLM Raised to Hold at Deutsche Bank; PT 8.50 euros
* ASM Intl Raised to Buy at HSBC; PT 560 euros
* Burberry Raised to Buy at Citi; PT 925 pence
* Caterpillar Raised to Neutral at Baird; PT $309
* Cofinimmo Raised to Neutral at BNPP Exane; PT 80 euros
* Currys Raised to Buy at Deutsche Bank; PT 130 pence (+)
* Derwent London Raised to Buy at Citi; PT 2,767 pence
* Endomines Finland Raised to Accumulate at Evli Bank (+)
* Meta PT Raised to $650 from $615 at Morgan Stanley
* Meta PT Raised to $675 from $610 at JPMorgan
* Pandox Raised to Buy at DNB Markets; PT 200 kronor
* Remy Cointreau Raised to Equal-Weight at Barclays; PT 39 euros
* Sandoz Group Raised to Outperform at RBC; PT 44 Swiss francs
* Solvay Raised to Neutral at BNPP Exane; PT 32 euros
* Spirax Raised to Buy at Peel Hunt; PT 7,500 pence
* Stora Enso Raised to Buy at Stifel; PT 11 euros
* Talanx Raised to Overweight at Morgan Stanley; PT 114 euros

>>> Down
* Albemarle Cut to Strong Sell at CFRA
* Borregaard Cut to Hold at Berenberg; PT 205 kroner
* Cable One Cut to Market Perform at Raymond James (+)
* Cintas Cut to Sell at Redburn; PT $171
* Clarkson PT Cut to 3,800 pence at Panmure Liberum
* Coca-Cola HBC Cut to Hold at Investec; PT 4,120 pence
* Coloplast Cut to Neutral at Oddo BHF; PT 727 kroner
* DNB Bank Cut to Hold at Norne Securities; PT 275 kroner
* Garmin PT Cut to $152 from $188 at Barclays
* General Motors PT Cut to $43 from $48 at Piper Sandler
* GN Store Nord Cut to Neutral at JPMorgan; PT 135 kroner
* Hunting Cut to Hold at Investec; PT 270 pence (+)
* Kone Cut to Reduce at Inderes; PT 55 euros
* Loihde Cut to Reduce at Inderes; PT 11.70 euros
* LVMH Cut to Equal-Weight at Barclays; PT 550 euros (+)
* Moderna PT Cut to $32 from $40 at Citi
* Moderna PT Cut to $28 from $32 at RBC
* P&G Cut to Neutral at Redburn; PT $161
* Pihlajalinna Cut to Accumulate at Inderes; PT 15.50 euros
* Robert Half Inc Cut to Neutral at BNPP Exane; PT $45
* Schindler Cut to Market Perform at ZKB; PT 315 Swiss francs (+)
* Schindler Cut to Sector Perform at RBC; PT 310 Swiss francs
* Snap Cut to Hold at CFRA
* Stellantis PT Cut to $10 from $13 at Piper Sandler
* Swatch PT Cut at RBC on Unfavorable FX and Weak Export Outlook (+)
* UPS Cut to Hold at HSBC; PT $105
* Watches of Switzerland Cut to Sector Perform at RBC

>>> Initiation
* AMS-Osram Reinstated Buy at Hauck & Aufhaeuser (+)
* EDP SA Rated New Buy at Redburn; PT 4.50 euros (+)
* EDP Renovaveis Rated New Neutral at Redburn; PT 9.40 euros (+)
* FACC Reinstated Buy at Hauck & Aufhaeuser; PT 10.30 euros (+)
* GlobalData Rated New Buy at Shore Capital; PT 225 pence
* RWE Rated New Buy at Redburn; PT 42 euros (+)
* Trainline Rated New Buy at Investec; PT 425 pence
* Unite Group Rated New Buy at Citi; PT 1,205 pence

>>> Call
* JPMorgan Strategists Say Earnings Growth Stronger Than Expected (+)
* Nvidia Gets Rare Sell Rating as Seaport Says AI Fully Priced In
* Sandoz Raised to Outperform at RBC on Manageable Tariff Threat
* Schindler Downgraded at RBC Following ‘Justified’ Re-Rating
* Swatch PT Cut at RBC on Unfavorable FX and Weak Export Outlook (+)
* Unite Group Outlook Not Fully Priced In, New Buy at Citi