>>> Europe : Brokers Upgrades & Downgrades - 27th of August 2025

>>> Up
* Amer Sports Raised to Buy at HSBC; PT $50
* Balfour Beatty Raised to Equal-Weight at Morgan Stanley
* Grieg Seafood Raised to Buy at SpareBank; PT 80 kroner
* Spir Group Raised to Buy at Arctic Securities; PT 12 kroner
* Televisa ADRs Raised to Overweight at JPMorgan

>>> Down
* Italy Mulls New Delay of Banks Deferred Tax Assets Pay: Stampa
* BW Offshore Cut to Neutral at SpareBank; PT 40 kroner
* Commerzbank Cut to Sell at Goldman
* Deutsche Bank downgraded to Neutral from Buy at Goldman Sachs
* Nokian Renkaat Cut to Reduce at Inderes; PT 8 euros
* Raiffeisen Cut to Sell at AlphaValue/Baader
* Sodexo PT Cut to 47 euros from 49 euros at Jefferies
* Veolia Cut to Equal-Weight at Morgan Stanley; PT 32 euros

>>> Initiation
* BioMerieux Rated New Neutral at JPMorgan; PT 120.50 euros
* DiaSorin Rated New Underweight at JPMorgan; PT 75.40 euros
* Sodexo PT Cut to 47 euros from 49 euros at Jefferies
* Strix Reinstated Buy at Berenberg; PT 90 pence
* Trifast Reinstated Buy at Berenberg; PT 130 pence
* Zotefoams Rated New Buy at Berenberg; PT 540 pence

>>> Call
* Balfour Beatty Raised at Morgan Stanley on Improving Visibility
* Deutsche Bank and Commerzbank Both Cut at Goldman on 2025 Gains
* NIO Shares Jump in HK After JPMorgan Upgrade to Overweight