>>> Europe : Brokers Upgrades & Downgrades - 1st of December 2025 V3(++)

>>> Up
* Air France-KLM Raised to Overweight at JPMorgan; PT 14 euros
* Chevron Raised to Buy at HSBC; PT $169
* Comet Raised to Buy at UBS; PT 252 Swiss francs (+)
* Compass Group Raised to Outperform at RBC
* DiscoverIE Raised to Buy at Deutsche Bank; PT 850 pence
* Idorsia Raised to Buy at Kepler Cheuvreux (+)
* LEG Immobilien Raised to Buy at Deutsche Bank; PT 78 euros (+)
* Lufthansa Raised to Neutral at JPMorgan; PT 7.50 euros
* Montea Raised to Buy at Deutsche Bank; PT 85 euros (+)
* Novo Nordisk Price Target Raised to DKK 340 from DKK 315 by Bank of America
* Reckitt Raised to Overweight at Barclays; PT 7,000 pence
* Richemont Raised to Buy at Deutsche Bank; PT 195 Swiss francs
* Securitas Raised to Outperform at RBC; PT 170 kronor
* Solaria Energia Raised to Hold at Bestinver; PT 17 euros (+)
* Spie Raised to Buy at CIC; PT 53 euros (+)
* Spyre Therapeutics Inc Raised to Buy at Jones; PT $64
* Talenom Raised to Buy at Inderes; PT 3.80 euros
* Thermo Fisher Raised to Buy at HSBC; PT $670
* VAT Raised to Outperform at BNPP Exane; PT 427 Swiss francs
* VGP Raised to Buy at Deutsche Bank; PT 120 euros (+)

>>> Down
* Allfunds Cut to Equal-Weight at Morgan Stanley; PT 8 euros
* AMS-Osram Cut to Underweight at JPMorgan; PT 5.35 Swiss francs
* Alpha Bank Cut to Hold at Eurobank Equities; PT 4.08 euros
* BIC Cut to Add at AlphaValue/Baader (++)
* Bureau Veritas Cut to Underperform at RBC; PT 26.50 euros
* Derichebourg Cut to Hold at TP ICAP Midcap; PT 6.40 euros (+)
* EasyJet Cut to Underweight at JPMorgan; PT 400 pence
* Endesa Cut to Underperform at Intesa Sanpaolo; PT 29.40 euros (+)
* Evoke Cut to Hold From Buy by Berenberg, Target Cut to 33p From 95p by Berenberg.
* Jet2 Cut to Neutral at JPMorgan; PT 1,450 pence
* Jungfraubahn Cut to Hold at Research Partners (++)
* KGHM Cut to Accumulate at Erste Group; PT 224.10 zloty
* Li Auto ADRs Cut to Neutral at China Merchants; PT $19
* Li Auto ADRs Cut to Hold at China Renaissance; PT $18.50
* Optima bank Cut to Hold at Eurobank Equities; PT 8.88 euros
* Philogen Cut to Neutral at Goldman; PT 25 euros
* SGS Cut to Underperform at RBC; PT 85 Swiss francs
* TotalEnergies Cut to Hold at HSBC; PT 60 euros
* Vivendi Cut to Hold at Kepler Cheuvreux

>>> Initiation
* Aeromexico ADRs Rated New Outperform at Itau BBA; PT $26.70
* Ambea Rated New Buy at William O'Neil
* ArcelorMittal Rated New Buy at William O'Neil
* Archer Aviation Rated New Neutral at Goldman; PT $11
* Avio Resumed Buy at Banca Akros (ESN); PT 40 euros (+)
* Burberry Reinstated Buy at Rothschild & Co Redburn (++)
* Bruton Rated New Buy at Arctic Securities; PT 60 kroner (+)
* Capgemini Rated New Outperform at Grupo Santander
* COSH NO Rated New Buy at Pareto Securities; PT 150 kroner
* Hermes Rated New Buy at Rothschild & Co Redburn; PT 2,425 euros (+)
* Hausvorteil Rated New Buy at FMR Frankfurt Main; PT 31 euros
* Intertek Rated New Buy at Investec; PT 5,650 pence (+)
* Joby Aviation Rated New Sell at Goldman; PT $10
* Kering Reinstated Sell at Rothschild & Co Redburn; PT 240 euros (+)
* LVMH Reinstated Buy at Rothschild & Co Redburn; PT 825 euros (+)
* Moncler Rated New Neutral at Rothschild & Co Redburn (+)
* Omda Rated New Buy at SB1 Markets; PT 60 kroner
* Power Solutions Rated New Buy at Jefferies; PT $110.51
* Richemont Reinstated Neutral at Rothschild & Co Redburn (+)
* Shaftesbury Capital Rated New Reduce at Kepler Cheuvreux (++)
* Swatch Reinstated Sell at SBG Securities; PT 166 Swiss francs (++)
* Watches of Switzerland Rated New Buy at SBG Securities (++)

>>> Call
* Business-Services Valuations Now More Attractive, RBC Says
* Reckitt Rises as Barclays Upgrades on Signs of Turnaround (+)
*
* Transport Sector Challenges Remain, DSV, IAG Top Picks: JPMorgan
* UBS’s Marco Valla Eyes US Growth, Senior Hires: Financial News