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

>>> Up
* Ackermans PT Raised to 289 euros from 239 euros at Berenberg
* Adidas Raised to Buy at CaixaBank BPI; PT 223.10 euros (+)
* Autodesk Raised to Buy at HSBC; PT $388
* Autostore Raised to Buy at Arctic Securities; PT 12 kroner
* Banco BBVA Argentina SA ADRs Raised to Buy at HSBC; PT $17
* Engcon Raised to Buy at Nordea; PT 90 kronor (++)
* Galp Raised to Buy at JB Capital Markets; PT 20.50 euros (+)
* Gerard Perrier Raised to Buy at Gilbert Dupont; PT 98 euros (++)
* Greggs Raised to Hold at Panmure Liberum; PT 1,560 pence (++)
* InterContinental Hotels Raised to Equal-Weight at Morgan Stanley
* ITM Power PT Raised to 115 pence from 60 pence at Jefferies
* KGHM Raised to Buy at Erste Group; PT 185.90 zloty
* Lacroix Group SA Raised to Buy at Gilbert Dupont; PT 11.50 euros (++)
* Legrand PT Raised to 165 euros from 147 euros at Citi
* Nike PT Raised to $100 from $93 at JPMorgan (++)
* Note Raised to Hold at Nordea
* Orsted Raised to Buy at Fearnley; PT 131 kroner (+)
* Phoenix Group Raised to Outperform at Mediobanca SpA
* Torm Raised to Buy at Pareto Securities (++)

>>> Down
* AT&T Cut to Equal-Weight at Barclays; PT $30
* KWS Saat Cut to Hold at DZ Bank; PT 70 euros (+)
* Legrand Cut to Hold at Kepler Cheuvreux; PT 152 euros (++)
* Marvell Technology Cut to Hold at TD Cowen; PT $85
* Nova Ljubljanska Cut to Accumulate at Erste Group; PT 200 euros
* Pihlajalinna Cut to Hold at SEB Equities; PT 17.50 euros
* Streamwide Cut to Hold at TP ICAP Midcap; PT 70 euros (+)
* Viasat Cut to Underweight at Barclays; PT $23

>>> Initiation
* ABB ADRs Rated New Underperform at BNPP Exane; PT $58
* AQ Group Rated New Buy at SpareBank; PT 230 kronor
* ASML ADRs Rated New Buy at William O'Neil
* ASML Reinstated Buy at William O'Neil
* Bausch + Lomb Reinstated Neutral at Goldman; PT C$22.28
* Elastic Reinstated Equal-Weight at Wells Fargo; PT $90
* Exosens SAS Rated New Hold at Deutsche Bank; PT 45 euros (+)
* Saab Reinstated Buy at William O'Neil
* Theon International Rated New Buy at Deutsche Bank; PT 40 euros (+)
* United Internet Reinstated Buy at Kepler Cheuvreux; PT 31 euros (++)

>>> Call
* IHG Earns Upgrade From Morgan Stanley, But Accor Still Favored
* Ionos Slides as Kepler Calls Time For Breather After Strong Run (++)