>>> Europe : Brokers Upgrades & Downgrades - 21st of May 2025

>>> Up
* ABN Amro GDRs Raised to Equal-Weight at Morgan Stanley
* AIB Group Raised to Equal-Weight at Morgan Stanley
* ASM International Raised to Buy at UBS; PT 570 euros
* ASML Raised to Buy at UBS; PT 570 euros
* Babcock PT Raised to 1,100 pence from 1,000 pence at JPMorgan
* Capricorn Energy Raised to Buy at Canaccord; PT 360 pence
* Fluidra Raised to Neutral at BNPP Exane; PT 22 euros
* Henkel Raised to Buy at Deutsche Bank; PT 80 euros
* Just Eat Takeaway Raised to Neutral at Redburn; PT 20.30 euros
* Orsted Raised to Neutral at BNPP Exane; PT 300 kroner
* Phoenix Group Raised to Buy at Citi; PT 730 pence

>>> Down
* Assa Abloy Cut to Hold at Pareto Securities; PT 340 kronor
* Bakkafrost Cut to Hold at Nordea
* Fortum Cut to Sell at Citi; PT 13 euros
* Sartorius Stedim Cut to Sector Perform at RBC; PT 240 euros
* Terveystalo Cut to Reduce at Inderes; PT 12.50 euros

>>> Initiation
* Bank of Cyprus Rated New Buy at Alpha Finance; PT 7.50 euros
* Bawag Reinstated Buy at William O'Neil
* Swiss Life Rated New Outperform at Oddo BHF; PT 900 Swiss francs
* Uniqa Rated New Buy at Berenberg; PT 14.50 euros

>>> Call
* Fortum Cut to Sell at Citi, Shares Running Ahead of Fundamentals
* Hedge Funds Sell Magnificent 7, Add China ADRs in 1Q: Goldman
* Morgan Stanley Strategists Say Buy America Except the Dollar
* MS Cross-Asset Team Turns Overweight on US Stocks, Treasuries
* Swiss Life a ‘Safe Haven,’ Initiated Outperform at Oddo BHF