>>> Europe : Brokers Upgrades & Downgrades - 25th of May 2026

>>> Up
* Hexagon Raised to Buy at SB1 Markets; PT 100 kronor
* Julius Baer Raised to Buy at Citi; PT 71 Swiss francs
* Vipshop ADRs Raised to Buy at UBS; PT $18.50

>>> Down
* Delivery Hero Cut to Underperform at Oddo BHF; PT 33 euros
* Millicom Cut to Neutral at UBS; PT $90

>>> Initiation
* Avalyn Pharma Rated New Buy at Jefferies; PT $52
* Avalyn Pharma Rated New Buy at Guggenheim; PT $80
* Nucor Rated New Outperform at CICC; PT $263
* Pershing Square USA Rated New Buy at Jefferies

>>> Call