>>> Europe : Brokers Upgrades & Downgrades - 24th of March 2025 V2(+)

>>> Up
* Alexandria Group Raised to Accumulate at Inderes; PT 10.50 euros
* Bunzl Raised to Buy at Deutsche Bank; PT 3,475 pence
* Capita Raised to Outperform at RBC; PT 20 pence
* Choice Hotels Raised to Neutral at Redburn; PT $132
* Deutsche Bank PT Raised to 26 euros from 22 euros at RBC
* EQT Raised to Buy at ABG; PT 400 kronor
* Saab Raised to Buy at UBS (+)
* Swiss Re PT raised at Goldman Sachs from 143 to 150 CHF
* Thales Raised to Reduce at AlphaValue/Baader
* Thales Raised to Buy at UBS (+)
* Vaisala Raised to Accumulate at Inderes; PT 53 euros
* Viridien Raised to Equal-Weight at Barclays; PT 100 euros
* Wyndham Hotels Raised to Buy at Redburn; PT $115

>>> Down
* Altri Cut to Hold at Renta 4; PT 6.20 euros (+)
* Embraer ADRs Cut to Peerperform at Wolfe
* Leonardo Cut to Neutral at UBS (+)
* Maire Cut to Underweight at Barclays; PT 11 euros
* Munich Re Cut to Neutral at Goldman; PT 573 euros
* Novo Cut to Sell at Intron Health; PT 460 kroner
* SBM Offshore Cut to Equal-Weight at Barclays; PT 25 euros
* SKF Cut to Hold at SEB Equities; PT 245 kronor
* Thule Cut to Hold at SEB Equities; PT 345 kronor
* Travelers Cut to Hold at HSBC; PT $270
* Vodafone Cut to Neutral at BofA (+)
* Vonovia PT Cut to 23 euros from 24.40 euros at Bankhaus Metzler (+)

>>> Initiation
* Banca Mediolanum Rated New Overweight at JPMorgan
* Campbell's Reinstated Equal-Weight at Morgan Stanley; PT $40
* Conagra Rated New Equal-Weight at Morgan Stanley; PT $27
* General Mills Rated New Underweight at Morgan Stanley; PT $53
* Hannover Re Reinstated Buy at Goldman; PT 312 euros
* Hershey Rated New Equal-Weight at Morgan Stanley; PT $183
* HBX Group International Rated New Overweight at Morgan Stanley
* HBX Group International Rated New Overweight at Barclays
* HBX Group International Rated New Buy at Citi; PT 14 euros
* HBX Group International Rated New Outperform at Oddo BHF
* HBX Group International Rated New Outperform at Grupo Santander (+)
* Hochtief Cut to Underperform at BofA; PT 165 euros (+)
* Intesa Sanpaolo Rated New Hold at Kepler Cheuvreux (+)
* John Mattson Rated New Hold at SEB Equities; PT 63 kronor
* Kraft Heinz Reinstated Underweight at Morgan Stanley; PT $29
* Mondelez Rated New Overweight at Morgan Stanley; PT $69
* Oxford Nanopore Cut to Sell at Stifel; PT 100 pence (+)
* Scor Reinstated Buy at Goldman; PT 34.50 euros
* Simply Good Foods Reinstated Equal-Weight at Morgan Stanley
* WK Kellogg Rated New Underweight at Morgan Stanley; PT $18

>>> Call
* Leonardo Cut at UBS; Prefers Saab, Thales Among Defense Peers (+)
* Novo Double-Downgraded at Intron Health on US Ozempic Softness
* SKF Cut to Hold at SEB Equities on FX Drag, Economic Uncertainty (+)
* Goldman’s Kostin Says Foreign Investors to Keep Buying US Stocks (+)