>>> Europe : Brokers Upgrades & Downgrades - 22nd of August 2025

>>> Up
* Altria PT Raised to $72 from $65 at Stifel
* Aasen Sparebank Raised to Buy at Norne Securities; PT 136 kroner
* Grong Sparebank Raised to Buy at Norne Securities; PT 171 kroner
* Hensoldt Raised to Neutral at Citi; PT 88 euros
* RENK Group Raised to Neutral at Citi; PT 61 euros
* Sparebank 68 Grader Nord Raised to Buy at Norne Securities
* Ulta Beauty Raised to Overweight at Barclays; PT $589

>>> Down
* Alexandria Group Cut to Reduce at Inderes; PT 11 euros
* Coty PT Cut to $4 from $5 at Canaccord
* Coty Cut to Hold at Jefferies; PT $4
* CTS Eventim Cut to Neutral at Oddo BHF; PT 86 euros
* Fondia Cut to Accumulate at Inderes; PT 5.20 euros
* Gap Cut to Equal-Weight at Barclays; PT $19
* Spir Group Cut to Hold at ABG; PT 9 kroner

>>> Initiation
* GN Store Nord ADRs Rated New Outperform at BNPP Exane; PT $70

>>> Call