>>> Europe : Brokers Upgrades & Downgrades - 22nd of July 2025 V2(+)

>>> Up
* Enel PT Raised to 9.50 euros from 8.60 euros at Jefferies
* Entain PT Raised to 1,260 pence at Morgan Stanley
* Hensoldt PT Raised to 78 euros from 45 euros at Morgan Stanley
* Netflix PT Raised to $1,210 from $975 at New Street Research
* Ocado Raised to Neutral at Arete; PT 305 pence (+)
* Peach Property Raised to Buy at M.M. Warburg (+)
* Pennon Raised to Overweight at JPMorgan; PT 600 pence
* STMicro ADRs Raised to Outperform at Baird; PT $50

>>> Down
* E.On Cut to Equal-Weight at Morgan Stanley; PT 18 euros
* Greggs Cut to Neutral at Rothschild & Co Redburn; PT 1,651 pence
* Hoegh Autoliners Cut to Hold at ABG; PT 98 kroner
* Husqvarna Cut to Hold at ABG; PT 57 kronor
* Legal & General Cut to Underperform at RBC; PT 220 pence
* Netflix Cut to Sell at Phillip Secs; PT $950
* SEB Cut to Hold at Berenberg; PT 88 euros
* Stora Enso Cut to Reduce at Inderes; PT 9 euros
* Swatch Raised to Outperform at Grupo Santander
* Unicaja Cut to Sell at Bestinver; PT 1.80 euros
* Vaisala Cut to Accumulate at Evli Bank; PT 54 euros
* Wartsila Cut to Reduce at Inderes; PT 21 euros
* Wise PT Cut to 750 pence from 770 pence at Citi

>>> Initiation
* Carnival Rated New Buy at TD Cowen; PT $36
* Indivior Rated New Buy at Jefferies; PT 1,482.03 pence
* Intel Rated New Hold at Loop Capital on Foundry Challenges
* Royal Caribbean Rated New Buy at TD Cowen; PT $405
* Yellow Cake Rated New Outperform at RBC; PT 620 pence

>>> Call
* E.On Downgraded by Morgan Stanley as Rally Stretches Valuation
* Legal & General Cut to Underperform at RBC on Demand Pressures
* Norwegian, Carnival, Royal Caribbean Add a Bull at TD Cowen
* SEB Downgraded to Hold at Berenberg on US Tariff Concerns
* Yellow Cake New Outperform at RBC on Uranium Demand Growth