>>> Europe : Brokers Upgrades & Downgrades - 20th of November 2025 V3(++)

>>> Up
* ATALAYA MINING COPPER SA Raised to Buy at Berenberg
* CaixaBank Raised to Overweight at JPMorgan; PT 11.41 euros
* CMC Markets Raised to Buy at Shore Capital; PT 330 pence (+)
* Daetwyler Raised to Buy at UBS; PT 173 Swiss francs (++)
* Games Workshop Raised to Buy at Peel Hunt; PT 18,000 pence (+)
* Herantis Pharma Raised to Accumulate at Inderes; PT 2.50 euros
* Kingspan Raised to Buy at Deutsche Bank; PT 82 euros
* Lindt & Spruengli Raised to Buy at Bank Vontobel (+)
* NKT Cut to Reduce at Kepler Cheuvreux; PT 710 kroner (++)
* Nokia Raised to Reduce at Inderes; PT 4.80 euros
* Nokia Raised to Buy at SEB Equities; PT 6 euros
* Nvidia PT Raised to $352 from $261 at Evercore ISI (++)
* Nvidia PT Raised to $235 from $220 at Morgan Stanley (++)
* Nvidia PT Raised to $275 from $250 at KeyBanc (++)
* Redeia Raised to Neutral at JPMorgan; PT 17 euros
* Schott Pharma Raised to Buy at Berenberg; PT 25 euros
* VAT Raised to Buy at UBS; PT 380 Swiss francs (++)

>>> Down
* ABO Energy GmbH & Co KGaA Cut to Hold at Bankhaus Metzler (+)
* Altri Cut to Neutral at JB Capital Markets; PT 5.50 euros (++)
* eDreams ODIGEO Cut to Hold at Deutsche Bank; PT 5.40 euros
* Ence Cut to Neutral at JB Capital Markets; PT 3.70 euros (++)
* JTC PLC Cut to Hold at Stifel; PT 1,340 pence (+)
* Logista Cut to Neutral at JB Capital Markets; PT 33.50 euros (++)
* Semapa Cut to Neutral at JB Capital Markets; PT 28 euros (++)
* Swiss Re Cut to Reduce at AlphaValue/Baader

>>> Initiation
* Alimak Rated New Buy at SB1 Markets; PT 182 kronor (++)
* BAE Rated New Underperform at Intesa Sanpaolo; PT 1,700 pence (++)
* Barry Callebaut Reinstated Buy at Goldman; PT 1,370 Swiss francs
* Cloetta Resumed Buy at Handelsbanken (+)
* Dassault Aviation Rated New Buy at Intesa Sanpaolo; PT 340 euros (++)
* Elopak Rated New Buy at Danske Bank Markets; PT 58 kroner (+)
* Grenke Rated New Buy at Berenberg; PT 29 euros
* Lindt & Spruengli Reinstated Sell at Goldman
* Lotus Bakeries Rated New Buy at Goldman; PT 8,650 euros
* Origin Reinstated Buy at Kepler Cheuvreux; PT 4.35 euros (++)
* Poste Italiane Rated New Neutral at Goldman; PT 23 euros
* Rheinmetall Rated New Neutral at Intesa Sanpaolo; PT 1,900 euros (++)
* Tate & Lyle Reinstated Neutral at Goldman; PT 410 pence
* Thales Rated New Underperform at Intesa Sanpaolo; PT 230 euros (++)

>>> Call
* Barclays Raises S&P 500 Target for 2026 on Earnings Strength
* CaixaBank Upgraded at JPMorgan on Strong Deposit Franchise
* Daetwyler Soars as UBS Upgrades, Sets Street-High Price Target (++)
* Informa Shares Climb as Berenberg’s Confidence Grows After CMD (++)
* NKT Slips From Record as Kepler Cuts to Reduce on Premium (++)
* Redeia Rated Neutral at JPMorgan, Held Back by Earnings Momentum
* VAT Group Gains as UBS Upgrades to Buy on Order Optimism (++)