>>> Europe : Brokers Upgrades & Downgrades - 25th of June 2025 V2(+)

>>> Up
* Arkema Raised to Neutral at JPMorgan; PT 65 euros
* Babcock PT Raised to 1,370 pence from 1,280 pence at JPMorgan (+)
* Befesa Raised to Overweight at Morgan Stanley; PT 32 euros
* Carnival PT Raised to $34 from $31 at JPMorgan
* Clariane Raised to Outperform at Oddo BHF; PT 5.55 euros (+)
* Ferrovial Raised to Neutral at BNPP Exane; PT 42 euros
* Hexpol Raised to Buy at SEB Equities; PT 100 kronor
* Hexpol Raised to Buy at Nordea; PT 107 kronor
* Stellantis Raised to Buy at Jefferies; PT $13.20
* Stratec Raised to Buy at Kepler Cheuvreux (+)
* Sweco Raised to Buy at Pareto Securities; PT 185 kronor
* UCB PT Raised to 250 euros from 215 euros at Intron Health

>>> Down
* Aker BP Cut to Hold at ABG; PT 290 kroner
* BlueNord Cut to Hold at ABG; PT 550 kroner
* Continental Cut to Hold at M.M. Warburg; PT 78 euros (+)
* Equinor Cut to Hold at ABG; PT 290 kroner
* Hoist Finance Cut to Hold at Kepler Cheuvreux (+)
* Holcim ADRs Cut to Sell at Spin-Off Research; PT $13.50
* Hornbach Holding Cut to Hold at Berenberg; PT 105 euros
* Interpublic Cut to Equal-Weight at Barclays; PT $27.50
* Kering PT Cut to 145 euros from 150 euros at JPMorgan
* Kongsberg Cut to Sell at Pareto Securities; PT 297 kroner
* Marks Electrical Group Cut to Hold at Cavendish; PT 65 pence (+)
* NCC Cut to Hold at Nordea
* OKEA Cut to Hold at ABG; PT 20 kroner
* Omnicom Cut to Equal-Weight at Barclays; PT $80
* Panoro Energy Cut to Hold at ABG; PT 25 kroner (+)
* Stora Enso Cut to Underperform at BNPP Exane (+)
* Stora Enso ADRs Cut to Underperform at BNPP Exane; PT $9.50 (+)
* Swatch PT Cut to 118 Swiss francs at JPMorgan
* UMG Cut to Neutral at UBS (+)
* WPP Cut to Underweight at Barclays; PT 550 pence

>>> Initiation
* 74Software SA Rated New Overweight at Cantor; PT 60 euros
* Amrize Rated New Buy at Spin-Off Research
* Autoliv Rated New Outperform at RBC; PT $133
* DSV Reinstated Buy at SEB Equities; PT 2,100 kroner
* EDP SA ADRs Rated New Outperform at BNPP Exane; PT $47.20 (+)
* Enel ADRs Rated New Outperform at BNPP Exane; PT $9.70 (+)
* Johnson Matthey Rated New Hold at Kepler Cheuvreux (+)
* Pensionbee Group Rated New Buy at Peel Hunt; PT 200 pence
* Porsche Rated New Sector Perform at RBC; PT 45 euros
* Rana Gruber Rated New Buy at ABG; PT 84 kroner
* Super Micro Computer Rated New Buy at GF Securities; PT $59
* Yubico Rated New Hold at Pareto Securities; PT 145 kronor

>>> Call
* Befesa Upgraded at Morgan Stanley on Confidence in Delivery
* JPMorgan Stays Selective in European Chemicals, Arkema Upgraded
* Stellantis’ Operations Starting to Turn, Jefferies Upgrades
* UCB PT Boosted at Intron Health on Higher Bimzelx Peak Sales (+)