>>> Europe : Brokers Upgrades & Downgrades - 27th of June 2025 V2(+)

>>> Up
* Alphabet Raised to Market Outperform at Citizens; PT $220
* Autodesk Raised to Buy at Berenberg; PT $365
* Boeing Raised to Buy at Rothschild & Co Redburn; PT $275
* Estee Lauder Raised to Buy at HSBC; PT $99
* Franklin Resources Raised to Buy at Goldman; PT $29
* Indra Raised to Overweight at Morgan Stanley; PT 47 euros
* Nike Raised to Buy at HSBC; PT $80
* Pearson Raised to Outperform at BNPP Exane; PT 1,300 pence

>>> Down
* Aena Cut to Hold at Intermoney Valores; PT 24 euros
* Alphabet Cut to Neutral at BNPP Exane; PT $172
* Atlantic Lithium Cut to Neutral at Macquarie; PT 7 pence
* Babcock Cut to Hold at Deutsche Bank; PT 1,115 pence
* Bank of America Cut to Neutral at Baird; PT $52
* DORE LN Cut to Neutral at Stifel (+)
* JPMorgan Cut to Underperform at Baird; PT $235
* Knorr-Bremse Cut to Neutral at Citi; PT 92 euros
* Knorr-Bremse Cut to Neutral at JPMorgan; PT 93 euros
* Next 15 Group PLC PT Cut to 329 pence at Panmure Liberum (+)
* Porsche Cut to Underperform at Grupo Santander; PT 43.10 euros (+)
* VW Cut to Neutral at Grupo Santander; PT 102.60 euros (+)
* Xtpl Cut to Hold at Erste Group; PT 89 zloty
* Zealand Pharma Cut to Neutral at Van Lanschot Kempen

>>> Initiation
* Fincantieri Rated New Buy at Deutsche Bank; PT 17 euros (+)
* Stellantis Rated New Neutral at Grupo Santander; PT $10.89 (+)
* Trustpilot Rated New Buy at Investec; PT 330 pence

>>> Call
* Amazon Upgraded to Outperform, Alphabet Cut at BNP Paribas Exane
* *BOFA STRATEGISTS CUT EUROPEAN UTILITIES TO MARKETWEIGHT (+)
* RBC Sees Tesla Delivering 366,000 Vehicles in 2Q, Miss Estimates