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

>>> Up
* DoorDash Raised to Buy at Jefferies; PT $260
* Freeport Raised to Sector Outperform at Scotiabank; PT $47
* IONOS Group SE Raised to Neutral at BNPP Exane; PT 29 euros
* Rheinmetall PT Raised to 2,500 euros at Morgan Stanley
* SMA Solar Raised to Buy at Jefferies; PT 39 euros
* Subsea 7 Raised to Buy at SB1 Markets; PT 215 kroner

>>> Down
* Endesa Cut to Underperform at RBC; PT 25.5 euros
* Enel Cut to Underperform at RBC; PT 8 euros
* Fraport Cut to Sell at UBS; PT 65 euros
* MARR SpA Cut to Hold at Equita; PT 10.40 euros
* Reinet Investments Cut to Hold at SBG Securities; PT 31.51 euros

>>> Initiation
* AB InBev ADRs Rated New Overweight at Wells Fargo; PT $75
* Amplifon Rated New Sector Perform at RBC
* Cirsa Enterprises Rated New Outperform at Grupo Santander
* CMB Tech Rated New Buy at ABG; PT 11.56 euros
* Demant Rated New Sector Perform at RBC
* Deutz Rated New Buy at Berenberg; PT 10 euros
* GN Store Nord Rated New Sector Perform at RBC
* Ottobock SE Rated New Buy at Goldman; PT 100 euros
* Ottobock SE Rated New Buy at Jefferies; PT 84 euros
* Ottobock SE Rated New Buy at Deutsche Bank; PT 86 euros
* Sonova Rated New Outperform at RBC
* Tamburi Rated New Buy at Jefferies; PT 12.50 euros

>>> Call
* Enel, Endesa Downgraded to Underperform at RBC on Valuation
* SMA Solar Has ‘Weathered the Worst,’ Raised to Buy at Jefferies
* Sonova Top Hearing Aids Pick at RBC, Demant Rated Sector Perform