>>> Europe : Brokers Upgrades & Downgrades - 20th of June 2025

>>> Up
* Demant Raised to Equal-Weight at Barclays
* Hiscox Raised to Overweight at Barclays; PT 1,400 pence
* Paragon Raised to Buy at Deutsche Bank; PT 1,050 pence
* SSAB PT Raised to 91 kronor from 82 kronor at JPMorgan

>>> Down
* Deliveroo Cut to Neutral at BNPP Exane; PT 180 pence
* Dow Cut to Hold at Fermium Research; PT $30
* Kenmare Cut to Hold at Berenberg
* Sonova Cut to Underweight at Barclays
* Swedbank Cut to Hold at Arctic Securities; PT 265 kronor
* Wacker Chemie Cut to Hold at Deutsche Bank; PT 57 euros
* Yara Cut to Sell at SEB Equities; PT 355 kroner

>>> Initiation
* Bravida Rated New Outperform at Oddo BHF; PT 112 kronor

>>> Call
* Akzo Nobel Gets Positive Watch at JPMorgan Ahead of Earnings
* Bravida New Outperform at Oddo BHF, Ready for Demand Pick-Up
* Sodexo’s Structural Challenges Prompt Street-Low PT at Jefferies