>>> Europe : Brokers Upgrades & Downgrades - 20th of November 2025 V2(+)

>>> 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
* M. Vest Water Raised to Buy at Norne Securities; PT 11 kroner (+)
* Rheinmetall PT Raised to 2,500 euros at Morgan Stanley
* SMA Solar Raised to Buy at Jefferies; PT 39 euros
* SMG Swiss Marketplace Group Raised to Outperform at ZKB (+)
* Subsea 7 Raised to Buy at SB1 Markets; PT 215 kroner

>>> Down
* eDreams ODIGEO Cut to Neutral at Grupo Santander; PT 7.20 euros (+)
* 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
* Home Depot Cut to Neutral at KGI Securities; PT $320 (+)
* MARR SpA Cut to Hold at Equita; PT 10.40 euros
* Ocado PT Cut to 150 pence from 170 pence at Morgan Stanley (+)
* 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
* Chapters Group Rated New Overweight at Cantor; PT 62 euros (+)
* Cirsa Enterprises Rated New Outperform at Grupo Santander
* Clinica Baviera Rated New Overweight at Cantor; PT 60 euros (+)
* CMB Tech Rated New Buy at ABG; PT 11.56 euros
* Do & Co Rated New Overweight at Cantor; PT 245 euros (+)
* Demant Rated New Sector Perform at RBC
* Deutz Rated New Buy at Berenberg; PT 10 euros
* Eckert & Ziegler Rated New Neutral at Cantor; PT 17.80 euros (+)
* Friedrich Vorwerk Group Rated New Overweight at Cantor (+)
* GN Store Nord Rated New Sector Perform at RBC
* Ibu-Tec Advanced Materials Rated New Overweight at Cantor (+)
* Kontron Rated New Overweight at Cantor; PT 34 euros (+)
* 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
* Pet Service Holding Rated New Buy at TP ICAP Midcap (+)
* Platform Group Rated New Overweight at Cantor; PT 18 euros (+)
* Redcare Pharmacy NV Rated New Overweight at Cantor; PT 125 euros (+)
* Sonova Rated New Outperform at RBC
* Tamburi Rated New Buy at Jefferies; PT 12.50 euros
* Technogym Rated New Neutral at Cantor; PT 15 euros (+)
* Tonies Rated New Overweight at Cantor; PT 13 euros (+)
* Zeal Network Rated New Overweight at Cantor; PT 63 euros (+)

>>> Call
* Enel, Endesa Downgraded to Underperform at RBC on Valuation
* SMA Solar Has ‘Weathered the Worst,’ Raised to Buy at Jefferies
* SMG Upgraded to Outperform at ZKB on ‘Exaggerated’ AI Fears (+)
* Sonova Top Hearing Aids Pick at RBC, Demant Rated Sector Perform