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

>>> Up
* AB Foods Raised to Hold at Deutsche Bank; PT 2,000 pence
* Anglogold Raised to Overweight at ABSA Securities; PT $91.58
* Bechtle Raised to Outperform at BNPP Exane; PT 47 euros
* Bouygues Raised to Equal-Weight at Morgan Stanley; PT 44 euros
* Cancom Raised to Neutral at BNPP Exane; PT 25 euros
* Equinor Raised to Buy at ABG; PT 300 kroner
* General Motors Raised to Buy at UBS; PT $81
* Micron Raised to Outperform at KGI Securities; PT $196
* Vor BioPharma Raised to Buy at Stifel; PT $55

>>> Down
* Commerzbank Cut to Underperform by Keefe, Bruyette & Woods
* Evonik Cut to Hold at Deutsche Bank; PT 16 euros
* Lanxess Cut to Hold at Deutsche Bank; PT 23 euros
* NCAB Group Cut to Hold at SEB Equities; PT 54 kronor
* Sats Cut to Hold at ABG; PT 42 kroner
* Swiss Re Cut to Neutral at JPMorgan; PT 160 Swiss francs

>>> Initiation
* C&C Rated New Sector Perform at RBC; PT 160 pence
* Georgia Capital Rated New Outperform at KBW; PT 3,400 pence
* Lion Finance Group Rated New Outperform at KBW; PT 9,400 pence
* Var Energi Rated New Buy at Citi; PT 46 kroner

>>> Call
* General Motors Raised to Buy at UBS on Improving Margin Outlook
* JPMorgan Sees Reinsurance Market to Soften in 2026, Swiss Re Cut
* Var Energi Initiated Buy at Citi, Top Pick Among European E&Ps