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

>>> Up
* Assa Abloy Raised to Buy at Citi; PT 410 kronor
* Cipher Mining PT Raised to $27 from $16 at Macquarie
* KGHM Raised to Buy at Trigon Dom Maklerski; PT 213.40 zloty
* MARA Holdings PT Raised to $29 from $26 at Macquarie
* Nokian Renkaat Raised to Hold at SEB Equities; PT 7.70 euros
* Pyramid AG Raised to Buy at SMC Research; PT 1.80 euros (+)
* SGS PT Raised to 107 Swiss francs at Bank Vontobel (+)
* Swiss Re Raised to Outperform at Mediobanca SpA

>>> Down
* Citigroup Cut to Hold at Punto Casa de Bolsa; PT $98.93
* Pekao Cut to Neutral at Oddo BHF; PT 200 zloty
* RWE Cut to Neutral at Citi; PT 39.50 euros
* TeamViewer Cut to Hold at DZ Bank; PT 8.50 euros
* WH Smith Cut to Equal-Weight at Barclays; PT 675 pence

>>> Initiation
* Cembre Rated New Buy at Equita; PT 72 euros (+)
* Morgan Advanced Rated New Buy at Berenberg; PT 250 pence
* Volvo ADRs Rated New Buy at Baptista Research; PT $34.50 (+)

>>> Call