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

>>> Up
* Adidas Raised to Buy at DZ Bank; PT 261 euros (+)
* Avon Technologies Raised to Buy at Shore Capital; PT 2,100 pence (+)
* CVC Capital Raised to Buy at BofA
* Michelin Raised to Buy at Jefferies; PT 43 euros
* Ovaro Kiinteistosijoitus Raised to Accumulate at Inderes (+)
* PSP Swiss PT Raised to 165 Swiss francs at Bank Vontobel
* PVA TePla Raised to Buy at Deutsche Bank; PT 26 euros (+)
* QinetiQ PT Raised to 550 pence from 520 pence at Deutsche Bank (+)
* Ralph Lauren PT Raised to $308 from $265 at TD Cowen
* Swiss Prime PT Raised to 133 Swiss francs at Bank Vontobel
* Thule Raised to Buy at Nordea; PT 315 kronor

>>> Down
* Altri Cut to Neutral at Grupo Santander; PT 6.11 euros
* ASR Nederland Cut to Neutral at UBS
* Athens Intnl Airport Cut to Equal-Weight at Euroxx Securities (+)
* Avantium Cut to Reduce at Kepler Cheuvreux (+)
* Continental Cut to Hold at Jefferies; PT 80 euros
* Crayon Group Cut to Hold at Arctic Securities; PT 140 kroner
* Deckers Outdoor Cut to Inline at Evercore ISI; PT $110
* Deckers Outdoor Cut to Sector Weight at KeyBanc
* Games Workshop Cut to Add at Peel Hunt; PT 16,500 pence (+)
* Generali Cut to Underperform at Oddo BHF; PT 32 euros
* Epiroc Cut to Sell at Nordea; PT 190 kronor
* Lem Cut to Hold at Kepler Cheuvreux (+)
* NN Group Cut to Neutral at BNPP Exane; PT 55 euros
* Stellantis Cut to Reduce at AlphaValue/Baader
* Strabag Cut to Accumulate at Erste Group; PT 91.60 euros
* Tele2 Cut to Hold at Kepler Cheuvreux (+)
* UMC ADRs Cut to Sell at Goldman; PT $6.80

>>> Initiation
* HomeMaid Rated New Reduce at Inderes; PT 29 kronor (+)
* Trip.com ADRs Rated New Buy at SPDB Intl HK; PT $78
* Uzin Utz SE Rated New Buy at M.M. Warburg; PT 80 euros (+)
* Wienerberger Rated New Overweight at Barclays; PT 42 euros

>>> Call
* AJ Bell Should Rise on Beat and Better Outlook, Says Jefferies
* CVC Raised to Buy at BofA as Underperformance Unjustified (+)
* Michelin Raised, Now Top Tire Pick at Jefferies, Continental Cut
* Thule Offers Attractive Entry Point, Raised to Buy at Nordea (+)
* UBS’ Lefkowitz Raises S&P 500 Target to 6,000 on GDP Growth