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

>>> Up
* Alibaba ADRs PT Raised to $174 from $153 at Baird
* Alibaba ADRs PT Raised to $217 from $187 at Citi
* Boeing Raised to Buy at President Capital Management; PT $256
* Cidara PT Raised to $153 from $66 at Citizens
* Dios Raised to Buy at SEB Equities; PT 74 kronor
* Eurocommercial Raised to Buy at Van Lanschot Kempen; PT 30 euros
* Intel Raised to Neutral at Seaport Global Securities
* Rational Raised to Outperform at BNPP Exane; PT 780 euros
* Uranium Energy Raised to Buy at Canaccord; PT $17.50

>>> Down
* Cool Cut to Neutral at B Riley; PT 96.03 kroner
* Energean PT Cut to 855 pence from 1,000 pence at Berenberg
* Freeport Cut to Sector Perform at Scotiabank; PT $45
* Harbour Energy PT Cut to 195 pence from 220 pence at Berenberg
* Hexagon Cut to Hold at Pareto Securities; PT 125 kronor
* Qualcomm Cut to Hold at Aletheia Capital
* Retail Estates Cut to Sell at Van Lanschot Kempen; PT 57 euros
* TotalEnergies Cut to Hold at Berenberg; PT 57 euros
* TotalEnergies ADRs Cut to Hold at Berenberg; PT $64
* Trifork Group Cut to Hold at Berenberg; PT 100 kroner
* Uranium Energy Cut to Market Perform at BMO; PT $14

>>> Initiation
* Anglo American Reinstated Restricted at BMO
* Bachem Rated New Underperform at Jefferies
* Banco BPM Reinstated Buy at Goldman; PT 15.70 euros
* Bankinter Reinstated Neutral at Goldman; PT 13.34 euros
* BCP Reinstated Neutral at Goldman; PT 80 euro cents
* Biogen Reinstated Buy at Jefferies; PT $190
* Norse Atlantic Reinstated Buy at Pareto Securities; PT 16 kroner
* Oklo Rated New Neutral at Goldman; PT $117
* OMV Rated New Sector Perform at RBC; PT 50 euros
* Oracle Rated New Sell at Rothschild & Co Redburn; PT $175.14
* Peabody Energy Rated New Buy at Texas Capital; PT $27
* PolyPeptide Group Rated New Buy at Jefferies
* Syensqo Rated New Buy at Goldman; PT 93 euros
* Swissquote Rated New Hold at Bank Vontobel; PT 540 Swiss francs
* Tyson Rated New Neutral at Grupo Santander; PT $66
* Unicaja Reinstated Sell at Goldman; PT 2.20 euros
* Vistry Group Re-Initiated Hold at Goodbody; PT 704 pence

>>> Call
* CrowdStrike Upgraded at Scotiabank on Competitive Position
* PolyPeptide New Buy at Jefferies, Bachem Rated Underperform
* Sky-High S&P 500 Signals ‘New Normal,’ Not Bubble, BofA Says