>>> Europe : Brokers Upgrades & Downgrades - 26th of September 2025 V3(++)

>>> Up
* Allegro Raised to Neutral at Goldman; PT 40 zloty
* Apple PT Raised to $290 from $260 at Evercore ISI (++)
* Ayvens Raised to Outperform at BNPP Exane; PT 12 euros
* Baidu ADRs PT Raised to $150 from $90 at Bernstein (++)
* Croda Raised to Overweight at Barclays; PT 3,100 pence
* Glenveagh Raised to Buy at Deutsche Bank; PT 2.15 euros
* InterContinental Hotels Raised to Overweight at JPMorgan
* Kenvue Raised to Buy at Rothschild & Co Redburn; PT $22 (+)
* Lindt & Spruengli Raised to Market Perform at Bernstein (++)
* Knorr-Bremse Raised to Buy at M.M. Warburg; PT 92 euros (+)
* Microsoft PT Raised to $625 from $582 at Morgan Stanley
* SwedenCare Raised to Buy at Pareto Securities; PT 40 kronor
* Tesla PT Raised to $435 from $345 at Deutsche Bank (++)
* Yellow Cake PT Raised to 830 pence from 690 pence at BofA (++)

>>> Down
* Accenture PT Cut to $280 from $300 at Evercore ISI
* Aena Cut to Underweight at JPMorgan; PT 21 euros
* Airbus Cut to Sell at mwb research AG; PT 170 euros (++)
* Brunello Cucinelli Cut to Neutral at Oddo BHF; PT 83 euros
* Colruyt Cut to Underweight at JPMorgan; PT 28.60 euros
* Guillemot Cut to Neutral at Invest Securities SA; PT 5.50 euros (+)
* Hanza Cut to Hold at Nordea
* Neste Cut to Underperform at BofA (++)
* Norbit Cut to Neutral at SpareBank; PT 200 kroner
* Pernod Ricard Cut to Neutral at BofA (++)

>>> Initiation
* Eni Reinstated Neutral at BofA (++)
* Repsol Reinstated Neutral at BofA (++)
* Rheinmetall Rated New Market Perform at Bernstein
* Sobi ADRs Rated New Underperform at BNPP Exane; PT $14.70
* Zurich Airport Reinstated Overweight at JPMorgan

>>> Call
* BofA Strategists See 10% Stoxx 600 Drop on Economic Slowdown (++)
* Colruyt Double-Downgraded at JPMorgan on Unsupportive Outlook
* IHG Gets Double-Upgrade as JPMorgan Flags Earnings Visibility
* Rheinmetall Priced For Perfection, Bernstein is Market Perform
* Zurich Airport New Overweight at JPMorgan, Aena Downgraded