>>> Europe : Brokers Upgrades & Downgrades - 26th of June 2025

>>> Up
* Biogaia Raised to Buy at SEB Equities; PT 122 kronor
* EQT Raised to Buy at Citi; PT 335 kronor
* EQT Raised to Buy at Citi; PT 335 kronor
* General Mills Raised to Outperform at RBC; PT $63
* InPost Raised to Overweight at JPMorgan; PT 16 euros
* Italgas Raised to Overweight at Morgan Stanley; PT 8.10 euros
* Microsoft PT Raised to $530 from $482 at Morgan Stanley
* Sotkamo Silver Raised to Reduce at Inderes; PT 0.90 kronor
* Valeo Raised to Overweight at Morgan Stanley; PT 11.30 euros

>>> Down
* Ahold Delhaize PT Cut to 24.24 euros at JPMorgan
* Aker Solutions Cut to Sell at Danske Bank Markets; PT 30 kroner
* Alphawave IP Cut to Hold at Jefferies; PT 183 pence
* AQ Group Cut to Hold at SEB Equities; PT 185 kronor
* ASML Cut to Hold at Jefferies; PT 690 euros
* ASM Intl Cut to Hold at Jefferies; PT 530 euros
* Carrefour PT Cut to 9 euros from 10 euros at JPMorgan
* Continental Cut to Equal-Weight at Morgan Stanley
* Italgas Cut to Hold at Berenberg; PT 7 euros
* Nexstim Cut to Reduce at Inderes; PT 10 euros
* Opmobility Cut to Underweight at Morgan Stanley; PT 10.20 euros
* Paradox Interactive Cut to Hold at Danske Bank Markets
* Worldline Cut to Add at AlphaValue/Baader

>>> Initiation
* Amer Sports Rated New Overweight at Piper Sandler; PT $45
* Amrize Rated New Neutral at Rothschild & Co Redburn
* BAE Rated New Underperform at Mediobanca SpA; PT 2,000 pence
* BT Re-Initiated Buy at Berenberg; PT 240 pence
* Cellnex Re-Initiated Buy at Berenberg; PT 46 euros
* Cisco Re-Initiated Overweight at KeyBanc; PT $77
* Dell Technologies Rated New Sector Weight at KeyBanc
* Dyne Therapeutics Rated New Buy at Jones; PT $30
* Elisa Re-Initiated Buy at Berenberg; PT 54 euros
* Fincantieri Raised to Outperform at Mediobanca SpA; PT 19 euros
* Fuchs Rated New Buy at Jefferies; PT 50 euros
* HP Enterprise Rated New Sector Weight at KeyBanc
* INWIT Re-Initiated Buy at Berenberg; PT 12.30 euros
* KPN Re-Initiated Buy at Berenberg; PT 4.78 euros
* Liberty Global Re-Initiated Hold at Berenberg
* Proximus Rated New Buy at Berenberg; PT 11.10 euros
* Rheinmetall Rated New Outperform at Mediobanca SpA
* SED Energy Holdings PLC Rated New Buy at Clarksons; PT 8 kroner
* SES GDRs Rated New Buy at Berenberg; PT 9.60 euros
* Solstad Maritime Holding Rated New Neutral at SpareBank
* Sunrise Communications Rated New Hold at Berenberg
* Swisscom Re-Initiated Hold at Berenberg
* Tele2 Re-Initiated Hold at Berenberg; PT 125 kronor
* Telecom Italia Rated New Buy at Berenberg
* Telefonica Rated New Hold at Berenberg
* Telenor Re-Initiated Hold at Berenberg
* Telia Re-Initiated Hold at Berenberg
* Thales Rated New Neutral at Mediobanca SpA; PT 295 euros
* Vodafone Re-Initiated Hold at Berenberg
* Zegona Communications Rated New Buy at Berenberg

>>> Call
* Berenberg Sees Improving EU Telcos Returns, BT Among Top Picks
* Continental, Opmobility Cut at Morgan Stanley, Valeo Upgraded
* EQT Shares Still Have Further to Run, Raised to Buy at Citi
* Morgan Stanley Ups Burberry Group Price Target on 'Attractive' Recovery Potential
* Use Oil ETF Upside Hedges as Volatility Is ‘Unusually Low’: JPM