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

>>> Up
* Air France-KLM Raised to Buy at Redburn; PT 9.50 euros
* Alcon AG Raised to Buy at BofA (+)
* Barclays PT Raised to 410 pence from 370 pence at JPMorgan
* BYD Target Price Raised to HK$460.00 From HK$400.00 by Deutsche Bank >1211.HK
* Deutsche Bank PT Raised to 26.30 euros from 22 euros at JPMorgan
* Fuchs Raised to Buy at BofA (+)
* Inmobiliaria Colonial Raised to Overweight at Morgan Stanley (+)
* Intesa Sanpaolo PT Raised to 6.20 euros at JPMorgan
* KH Group Oyj Raised to Accumulate at OP Corporate Bank
* Raspberry PI Raised to Hold at HSBC; PT 480 pence
* Shaftesbury Capital Raised to Overweight at Morgan Stanley (+)
* T-Mobile PT Raised to $300 from $255 at UBS
* Tomra Raised to Buy at Bryan Garnier; PT 200 kroner (+)
* UniCredit PT Raised to 69 euros from 53 euros at JPMorgan

>>> Down
* Air France-KLM Cut to Neutral at UBS
* Alcon AG Cut to Hold at HSBC; PT 88 Swiss francs
* Carl Zeiss Meditec Cut to Reduce at HSBC; PT 60 euros
* Daimler Truck Cut to Equal-Weight at Barclays; PT 45 euros
* Hammerson Cut to Equal-Weight at Morgan Stanley (+)
* Johnson Matthey Cut to Neutral at BofA
* K-fast Holding Cut to Hold at Nordea
* Land Sec. Cut to Equal-Weight at Morgan Stanley (+)
* LEG Immobilien Cut to Underweight at Morgan Stanley (+)
* L'Oreal Cut to Hold at Berenberg; PT 385 euros
* L'Oreal ADRs Cut to Hold at Berenberg; PT $83.20
* Neste Cut to Neutral at UBS
* SGL Cut to Hold at Kepler Cheuvreux (+)
* Stef Cut to Add at IDMidcaps; PT 138 euros (+)
* TietoEVRY Cut to Accumulate at Inderes; PT 21 euros
* Traton Cut to Equal-Weight at Barclays; PT 38 euros
* Volvo Cut to Underweight at Barclays; PT 280 kronor

>>> Initiation
* AO World Reinstated Buy at Jefferies; PT 150 pence (+)
* Azerion Group Rated New Buy at Arctic Securities; PT 2 euros
* Coty Rated New Buy at Berenberg; PT $7.50
* FD Technologies Reinstated Overweight at JPMorgan (+)
* HBX Group International Rated New Outperform at BNPP Exane
* HBX Group International Rated New Strong Buy at Alantra Equities (+)
* NCAB Group Rated New Hold at SEB Equities; PT 53 kronor
* Puig Rated New Hold at Berenberg; PT 19.90 euros
* Selectirente Rated New Hold at Kepler Cheuvreux; PT 87 euros

>>> Call
* AO World Gets New Buy Rating as Profits To Hit Top-End of Goal (+)
* Barclays Cuts European Truckmakers on US Tariff, Regulation Risk (+)
* European Banks on Track for Long-Term Rerating, JPMorgan Says
* L’Oreal Cut to Hold at Berenberg Amid Tougher Beauty Outlook (+)