>>> Europe : Brokers Upgrades & Downgrades - 24th of July 2025

>>> Up
* BASF Raised to Overweight at Morgan Stanley; PT 54 euros
* General Dynamics Raised to Outperform at Wolfe; PT $360
* Mandatum Raised to Hold at SEB Equities; PT 5.80 euros
* Valmet Raised to Buy at SEB Equities; PT 35 euros

>>> Down
* Aegean Air Cut to Hold at Wood & Company; PT 14 euros
* AT&T Cut to Hold at HSBC; PT $30
* BHP Cut to Sell at Berenberg
* BHP ADRs Cut to Sell at Berenberg; PT $44
* Dowlais Cut to Neutral at BNPP Exane; PT 74 pence
* EFG International Cut to Neutral at Mediobanca SpA
* Equinor Cut to Hold at HSBC; PT 275 kroner
* E.On Cut to Market Perform at Bernstein
* Johnson Controls Cut to Hold at Jefferies; PT $120
* Metso Cut to Hold at Pareto Securities; PT 11.80 euros
* Metso Cut to Hold at ABG; PT 11.50 euros
* Paradox Interactive Cut to Hold at Pareto Securities
* SSAB Cut to Sell at ABG; PT 52 kronor
* SwedenCare Cut to Hold at Pareto Securities; PT 43 kronor
* Tesla Cut to Sell at Punto Casa de Bolsa; PT $299.48

>>> Initiation
* DEFAMA AG Rated New Add at Baader Helvea; PT 31.80 euros
* Enity Holding Rated New Buy at Nordea; PT 113 kronor
* Enity Holding Rated New Buy at SEB Equities; PT 115 kronor
* Intel Rated New Buy at GF Securities; PT $34
* Sentia Rated New Buy at ABG; PT 80 kroner

>>> Call