>>> Europe : Brokers Upgrades & Downgrades - 25th of July 2025

>>> Up
* Estee Lauder Raised to Overweight at JPMorgan; PT $101
* flatexDEGIRO Raised to Buy at Citi; PT 32 euros
* TechnipFMC PT Raised to $44 from $40 at TD Cowen
* UPM-Kymmene Raised to Buy at ABG; PT 27 euros
* Vontobel Raised to Neutral at Citi; PT 63.30 Swiss francs
* Wizz Air Raised to Overweight at Barclays; PT 1,500 pence

>>> Down
* Deutsche Bank Cut to Sell at Citi; PT 24.40 euros
* Deutsche Bank Cut to Neutral at Oddo BHF; PT 29 euros
* Dow Cut to Inline at Evercore ISI; PT $32
* Kempower Cut to Reduce at Inderes; PT 15 euros
* Metso Cut to Reduce at Inderes; PT 11 euros
* Neste Cut to Sell at Citi; PT 11.80 euros
* Neste Cut to Hold at Grupo Santander; PT 15 euros
* Orlen Cut to Underweight at Morgan Stanley; PT 83 zloty
* P&G Cut to Neutral at JPMorgan; PT $170
* Subsea 7 Cut to Hold at Pareto Securities; PT 210 kroner
* Tesla Cut to Sell at Mirae Asset Securities; PT $223
* UPM-Kymmene Cut to Reduce at Inderes; PT 24 euros

>>> Initiation
* Gubra Rated New Neutral at Goldman; PT 520 kroner
* HP Enterprise Resumed Buy at Citi on Benefits of Juniper Deal
* Oklo Rated New Underperform at BNPP Exane; PT $14
* Palantir Rated New Overweight at Piper Sandler; PT $170

>>> Call