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

>>> Up
* ADP Raised to Overweight at Morgan Stanley; PT 139 euros
* Darden Raised to Buy at Goldman; PT $225
* Ithaca Energy Raised to Buy at Jefferies; PT 220 pence
* Johnson & Johnson Raised to Outperform at Daiwa; PT $203
* PZU Raised to Outperform at Oddo BHF; PT 66 zloty
* Sempra Raised to Overweight at Barclays; PT $101
* Siltronic Raised to Buy at Jefferies; PT Raised from 45 to 75 euros
* Tomra Raised to Buy at ABG; PT 150 kroner
* Tomra Raised to Buy at Nordea; PT 145 kroner
* Wise Raised to Buy at Rothschild & Co Redburn; PT 1,390 pence (+)

>>> Down
* Athens Intnl Airport Cut to Underweight at Morgan Stanley
* Comet PT cut from 260 to 250 CHF at Deutsche Bank
* Digital 9 Infrastructure/Fund Cut to Underweight at Barclays
* Fraport Cut to Equal-Weight at Morgan Stanley; PT 82 euros
* Humble Group Cut to Hold at Nordea
* KKR Real Estate Finance Cut to Neutral at JPMorgan; PT $9
* Marvell Technology Cut to Equal-Weight at Barclays; PT $80
* Metsa Board Cut to Hold at SEB Equities; PT 2.80 euros
* Talenom Cut to Reduce at Inderes; PT 3.80 euros
* Unite Group Cut to Neutral at Van Lanschot Kempen; PT 575 pence (+)

>>> Initiation
* Amplifon Reinstated Outperform at BNPP Exane; PT 19 euros (+)
* Azelis Reinstated Outperform at BNPP Exane; PT 15 euros (+)
* Billerud Rated New Buy at SB1 Markets; PT 115 kronor
* Brenntag Reinstated Neutral at BNPP Exane; PT 55 euros (+)
* Cava Group Rated New Neutral at Goldman; PT $74
* Cicor Tech Rated New Buy at Pareto Securities
* Deutsche Bank Rated New Hold at Jefferies; PT 33 euros
* Dedem Rated New Outperform at EnVent S.p.A.; PT 7.90 euros
* IMCD ADRs Reinstated Outperform at BNPP Exane; PT $72.50 (+)
* Orsted Rated new Buy at Kepler Cheuvreux PT 140 DKK (+)
* Sonova Reinstated Underperform at BNPP Exane (+)
* Xplora Technologies Rated New Buy at Pareto Securities

>>> Call
* Marks & Spencer Cut at RBC as Shares Look Fair After Recovery (+)