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

>>> Up
* Exor Raised to Outperform at BNPP Exane
* Grand City Properties Raised to Buy at Goldman; PT 13.20 euros
* Hammerson Raised to Neutral at Goldman; PT 255 pence
* Rheinmetall Raised to Add at AlphaValue/Baader
* TotalEnergies Raised to Buy at Citi; PT 70 euros
* Xvivo Perfusion Raised to Buy at Pareto Securities

>>> Down
* Ageas Cut to Hold at HSBC; PT 58 euros
* Allegro Cut to Sell at Goldman; PT 31 zloty
* ArcelorMittal Cut to Hold at Jefferies; PT 33 euros
* ArcelorMittal ADRs Cut to Hold at Jefferies; PT $36.20
* Bollore Cut to Reduce at AlphaValue/Baader
* Cemex ADRs Cut to Equal-Weight at Morgan Stanley; PT $8
* HIAG Immobilien Cut to Add at Baader Helvea; PT 108 Swiss francs
* Inmobiliaria Colonial Cut to Sell at Goldman; PT 4.80 euros
* Luminar PT Reduced to $7 from $15 at Deutsche Bank
* Micron Cut to Hold at China Renaissance; PT $84
* Orange Cut to Neutral at Citi; PT 12 euros
* Sodexo Cut to Neutral at Goldman; PT 73 euros
* Supermarket Income Cut to Neutral at Goldman; PT 89 pence
* Tesla Cut to Hold at Mirae Asset Securities; PT $310
* TietoEVRY Cut to Equal-Weight at Morgan Stanley; PT 21.50 euros

>>> Initiation
* Addtech Rated New Hold at Kepler Cheuvreux; PT 330 kronor
* Cipher Mining Rated New Buy at Clear Street; PT $6
* Delivery Hero Reinstated Buy at Goldman; PT 39 euros
* Ferrari Group Rated New Buy at Jefferies; PT 10.50 euros
* Ferrari Group Rated New Buy at Goldman; PT 13.40 euros
* Ferrari Group Rated New Outperform at Oddo BHF; PT 11 euros
* Schaeffler Rated New Buy at Quirin Privatbank AG; PT 7.60 euros
* Schibsted Reinstated Sell at Goldman; PT 272.60 kroner
* Schott Pharma Rated New Buy at Hauck & Aufhaeuser; PT 36 euros
* Vivendi Reinstated Neutral at Goldman; PT 3.20 euros
* Wolters Kluwer Reinstated Buy at Goldman; PT 178 euros

>>> Call
* ArcelorMittal Cut at Jefferies, Shares Expected to Consolidate
* Meet the Citigroup Strategist Who Called Europe’s Stock Rally
* TietoEVRY Cut at Morgan Stanley, Discount Now Less Compelling