>>> Europe : Brokers Upgrades & Downgrades - 1st of July 2025 V2(+)

>>> Up
* Brunello Cucinelli Raised to Buy at BofA (+)
* J. Martins Raised to Buy at Citi; PT 24.60 euros
* LSE Group Raised to Add at AlphaValue/Baader
* Oshkosh Raised to Buy at Goldman; PT $131

>>> Down
* 74Software SA Cut to Hold at Kepler Cheuvreux (+)
* Deutsche Bank Cut to Neutral at Mediobanca SpA; PT 27 euros
* Duell Cut to Accumulate at Evli Bank; PT 5.30 euros
* Holcim Cut to Reduce at AlphaValue/Baader
* Munters Cut to Hold at Berenberg; PT 140 kronor
* Nexstim Cut to Sell at Inderes; PT 10.50 euros
* Pandora Cut to Hold at ABG; PT 1,150 kroner
* Pernod Ricard PT Cut to 85 euros from 94 euros at Deutsche Bank
* Worldline Cut to Neutral at BofA (+)

>>> Initiation
* Amrize Rated New Neutral at Goldman; PT 45.27 Swiss francs
* Amrize Rated New Buy at Deutsche Bank; PT 49 Swiss francs (+)
* BW LPG Reinstated Buy at SpareBank; PT 145 kroner
* Innoscripta Rated New Buy at Berenberg; PT 200 euros
* Lundbeck Rated New Neutral at BNPP Exane; PT 38 kroner
* New Fortress Energy Rated New Buy at Compass Point; PT $8.50
* Omada Health Rated New Buy at Goldman; PT $29
* Omada Health Rated New Overweight at Morgan Stanley; PT $25
* Omada Health Rated New Overweight at JPMorgan; PT $20
* Omada Health Rated New Overweight at Barclays; PT $21
* SED Energy Holdings PLC Rated New Buy at ABG; PT 12 kroner
* Sobi Rated New Underperform at BNPP Exane; PT 275 kronor

>>> Call
* Argenx Share Weakness on FDA Report is Unwarranted: JPMorgan (+)
* Holcim Indicated Lower After Baader Cut to Reduce After Spin Off (+)
* Munters Cut at Berenberg on Data-Center Capex Uncertainty
* Vestas New Orders Represent Hefty Miss, JPMorgan and Citi Say (+)