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

>>> Up
* Atea Raised to Overweight at Cantor; PT 197 kroner
* EBay Raised to Market Outperform at Citizens
* Faron Pharma Raised to Accumulate at Inderes; PT 217.96 pence
* FLSmidth Raised to Buy at SEB Equities; PT 580 kroner
* Fondia Raised to Buy at Inderes; PT 5.20 euros
* Galderma PT raised from 135 to 145 CHF at Morgan Stanley
* Grupa Pracuj Raised to Neutral at Citi; PT 58.90 zloty
* INVISIO AB Raised to Hold at Pareto Securities; PT 300 kronor
* Kingfisher Raised to Outperform at RBC; PT 350 pence
* Metso Raised to Hold at ABG; PT 13 euros
* Norrhydro Group Raised to Accumulate at Inderes; PT 1.60 euros
* Stillfront Raised to Buy at Pareto Securities; PT 9 kronor
* WH Smith Raised to Buy at Peel Hunt; PT 800 pence

>>> Down
* Atresmedia Cut to Underperform at Grupo Santander; PT 5.40 euros
* EDP Renovaveis Cut to Equal-Weight at Morgan Stanley
* Evolution Cut to Hold at Pareto Securities; PT 720 kronor
* Evolution Cut to Hold at ABG; PT 700 kronor
* Gofore Cut to Reduce at Inderes; PT 15.50 euros
* Kering Cut to Hold at HSBC; PT 370 euros
* Kitron Cut to Hold at Norne Securities; PT 75 kroner
* Mapfre Cut to Hold at Bestinver; PT 3.97 euros
* Nokia Cut to Hold at SEB Equities; PT 5.50 euros
* Snap Cut to Sell at Stifel; PT $6.50
* Sotkamo Silver Cut to Reduce at Inderes; PT 1.35 kronor
* TeamViewer Cut to Neutral at Oddo BHF; PT 7.50 euros
* TietoEVRY Cut to Reduce at Inderes; PT 18 euros
* Yubico Cut to Hold at Nordea

>>> Initiation
* Albemarle Rated New Buy at Rothschild & Co Redburn; PT $135
* Credo Technology Reinstated Buy at William O'Neil
* Dormakaba Rated New Buy at Deutsche Bank; PT 922 Swiss francs
* Microsoft Rated New Buy at GF Securities; PT $636.24

>>> Call