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

>>> Up
* IAG Raised to Buy at Goldman; PT 470 pence
* Galapagos ADRs Raised to Outperform at Leerink; PT $40
* Getinge Raised to Buy at Nordea; PT 245 kronor
* Halliburton Raised to Outperform at RBC; PT $31
* Halliburton Raised to Buy at HSBC; PT $30
* Paccar Raised to Peerperform at Wolfe
* Paramount Group Raised to Equal-Weight at Morgan Stanley
* Siili Solutions Raised to Accumulate at Inderes; PT 5.50 euros
* XP Power Raised to Hold at Peel Hunt; PT 1,000 pence

>>> Down
* Assai ADRs Cut to Underweight at JPMorgan; PT $7.50
* BNP Paribas Cut to Equal-Weight at Barclays; PT 80 euros
* Fastned GDRs Cut to Underperform at Oddo BHF; PT 20 euros
* Getinge Cut to Hold at Pareto Securities; PT 245 kronor
* Hologic Cut to Neutral at JPMorgan; PT $78
* Husqvarna Cut to Hold at Pareto Securities; PT 50 kronor
* Inwido Cut to Hold at SEB Equities; PT 180 kronor
* Mensch und Maschine Cut to Hold at Berenberg; PT 52 euros
* Thyssenkrupp Nucera Cut to Hold at Deutsche Bank; PT 12 euros

>>> Initiation
* Adyen Rated New Overweight at Wells Fargo; PT 1,753 euros
* Gulf Marine Rated New Buy at Clarksons; PT 25 pence
* TietoEVRY Rated New Sell at SB1 Markets; PT 13 euros

>>> Call