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

>>> Up
* Thyssenkrupp Nucera Raised to Neutral at Grupo Santander

>>> Down
* Stolt-Nielsen Cut to Hold at Fearnley; PT 370 kroner

>>> Initiation


>>> Call
* Deutsche Bank Strategists Say Investor Sentiment Remains Bullish
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