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

>>> Up
* Grenke Raised to Outperform at Oddo BHF; PT 20 euros
* GVS Raised to Buy at Goldman; PT 5.60 euros
* Italgas Raised to Outperform at RBC; PT 9 euros
* NIBE Industrier Raised to Reduce at Inderes; PT 40 kronor
* Nvidia Raised to Strong Buy at CFRA; PT $225
* Orsted Raised to Neutral at Clarksons; PT 125 kroner
* Orsted Raised to Buy at Arctic Securities; PT 130 kroner
* Royal Unibrew Raised to Buy at Jyske Bank; PT 590 kroner
* Terna Raised to Outperform at RBC; PT 9.60 euros
* THG PLC Raised to Neutral at JPMorgan; PT 43 pence
* VW Raised to Outperform at RBC; PT 130 euros

>>> Down
* Care Property Invest NV Cut to Underperform at Oddo BHF
* Commerzbank Cut to Underperform at KBW; PT 32 euros
* Fugro Cut to Neutral at Oddo BHF; PT 10 euros
* Hanza Cut to Hold at Pareto Securities; PT 130 kronor
* Liechtensteinische LB Cut to Market Perform at ZKB (+)
* Lululemon Cut to Neutral at Baird; PT $195
* Mercedes Cut to Sector Perform at RBC; PT 55 euros
* Snam Cut to Sector Perform at RBC; PT 5.15 euros
* System1 Cut to Speculative Buy at Canaccord; PT 550 pence (+)
* TotalEnergies Cut to Neutral at BNPP Exane; PT 53 euros
* TotalEnergies ADRs Rated New Neutral at BNPP Exane; PT $62.50
* Truecaller Cut to Neutral at Cantor; PT 49 kronor (+)

>>> Initiation
* BoneSupport Rated New Buy at Nordea; PT 370 kronor
* Borregaard Rated New Buy at Arctic Securities; PT 220 kroner
* BP ADRs Rated New Outperform at BNPP Exane; PT $37.80
* Eni ADRs Rated New Neutral at BNPP Exane; PT $31.90
* Equinor ADRs Rated New Underperform at BNPP Exane; PT $23.20
* Mycronic Rated New Hold at ABG; PT 225 kronor
* Neste ADRs Rated New Outperform at BNPP Exane; PT $10
* Saint-Gobain Reinstated Buy at Rothschild & Co Redburn
* Shell ADRs Rated New Outperform at BNPP Exane; PT $75.40
* Shurgard Rated New Buy at Citi; PT 47.60 euros
* System1 Cut to Speculative Buy at Canaccord; PT 550 pence (+)
* Wavestone Rated New Buy at Marex; PT 61.50 euros
* Zealand Rated New Buy, High conviction at UBS; PT DKr 760

>>> Call
* Cantor Says S&P Still at Risk of September Slump: Equity Insight
* China Stocks Seen as Most Preferred in EM, HSBC Survey Shows
* Commerzbank Cut to Underperform at KBW After Stock Surge (1)