>>> Europe : Brokers Upgrades & Downgrades - 23rd of June 2025 V2(+)

>>> Up
* Estee Lauder Raised to Buy at Deutsche Bank; PT $95
* Evercore Raised to Overweight at Morgan Stanley; PT $312
* Freenet Raised to Buy at M.M. Warburg; PT 34.40 euros (+)
* Gjensidige Raised to Neutral at Citi; PT 251.20 kroner
* Moelis & Co Raised to Overweight at Morgan Stanley; PT $68
* Rolls-Royce PT Raised to 1,040 pence from 900 pence at JPMorgan
* UCB Raised to Overweight at Morgan Stanley; PT 220 euros

>>> Down
* Air Liquide Cut to Underperform at BofA (+)
* Aker BP Cut to Hold at SEB Equities; PT 283 kroner
* DEME Group Cut to Neutral at Oddo BHF; PT 135 euros
* Equinor Cut to Hold at SEB Equities; PT 305 kroner
* Getinge PT Cut to 182 kronor from 191 kronor at Morgan Stanley
* Hensoldt Cut to Sell at Citi; PT 88 euros (+)
* Munich Re Cut to Underweight at Morgan Stanley; PT 528 euros
* RENK Group Cut to Sell at Citi; PT 61 euros (+)
* Saab Cut to Sell at Citi; PT 374 kronor (+)
* Swiss Re Cut to Underweight at Morgan Stanley
* Uniphar Cut to Hold at Deutsche Bank (+)

>>> Initiation
* AMRIZE RATED NEW HOLD AT BANK VONTOBEL, PT CHF50 (+)
* Boyd Gaming Reinstated Neutral at JPMorgan; PT $79
* Caesars Entertainment Reinstated Overweight at JPMorgan; PT $47
* Choice Hotels Reinstated Underweight at JPMorgan; PT $124
* Deutsche Telekom Rated New Buy at Baptista Research (+)
* DraftKings Reinstated Overweight at JPMorgan; PT $50
* Grenergy Renovables Rated New Outperform at Mediobanca SpA
* Harworth Rated New Buy at Jefferies; PT 210 pence
* Henry Boot Rated New Buy at Jefferies; PT 262 pence
* Hilton Worldwide Reinstated Overweight at JPMorgan; PT $282
* Host Hotels Reinstated Neutral at JPMorgan; PT $16
* Las Vegas Sands Reinstated Neutral at JPMorgan; PT $47
* Linde Rated New Buy at Baptista Research
* Marriott Intl Reinstated Neutral at JPMorgan; PT $284
* MGM Resorts Reinstated Neutral at JPMorgan; PT $38
* Napatech Rated New Buy at SpareBank; PT 45 kroner
* Nivika Rated New Buy at Pareto Securities; PT 47 kronor
* Park Hotels Reinstated Underweight at JPMorgan; PT $10
* Pfisterer Holding Rated New Buy at Berenberg; PT 49 euros
* Rheinmetall Rated New Buy at Baptista Research (+)
* Pfisterer Holding Rated New Neutral at Oddo BHF; PT 42 euros
* Seplat Energy Rated New Buy at Canaccord; PT 450 pence (+)
* Serica Rated New Buy at Shore Capital; PT 221 pence
* Siemens Rated New Buy at Baptista Research; PT 274.90 euros (+)
* Siemens Healthineers Rated New Buy at Baptista Research (+)
* Thule Rated New Hold at Baptista Research; PT 300.90 kronor
* Wyndham Hotels Reinstated Overweight at JPMorgan; PT $101
* Wynn Resorts Reinstated Overweight at JPMorgan; PT $109

>>> Call
* Gjensidige Raised at Citi on Improvement in Frequency Loss Ratio
* Golden Era Reaching an End for Reinsurers, Morgan Stanley Says
* UCB Offers Compelling Entry Point, Morgan Stanley Upgrades
* Vontobel Initiates Holcim’s US Spinoff Amrize With Hold (+)