>>> Europe : Brokers Upgrades & Downgrades - 25th of October 2023

>>> Up
* AB Dynamics Raised to Hold at Jefferies; PT 1,220 pence
* BNP Paribas Bank Polska Raised to Buy at Citi; PT 78 zloty
* DSV Raised to Hold at HSBC; PT 1,150 kroner
* Munters Raised to Buy at ABG; PT 145 kronor
* Norsk Hydro Raised to Neutral at SpareBank; PT 60 kroner
* Paccar Raised to Buy at Deutsche Bank; PT $115
* PKO Bank Polski Raised to Buy at Citi; PT 50 zloty
* Ponsse Raised to Hold at Nordea
* Santander Bank Polska Raised to Buy at Citi; PT 464 zloty
* SIG Group Raised to Neutral at BNPP Exane; PT 18.70 Swiss francs
* Verizon Raised to Overweight at Barclays
* XP Power Raised to Buy at Berenberg; PT 1,400 pence

>>> Down
* Atria Cut to Reduce at Inderes; PT 11.50 euros
* UPM-Kymmene Cut to Reduce at Inderes; PT 32 euros

>>> Initiation
* AT&S Reinstated Buy at Deutsche Bank; PT 34 euros
* Oxford Instruments Rated New Outperform at Davy; PT 2,200 pence
* Spectris Rated New Neutral at Davy; PT 3,300 pence
* Xaar Rated New Outperform at Davy; PT 200 pence
* XP Power Rated New Outperform at Davy; PT 1,940 pence

>>> Call
* AB Dynamics Upgraded at Jefferies on More Supportive Valuation