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

>>> Up
* Bachem Raised to Buy at Deutsche Bank; PT 75 Swiss francs
* DoorDash Raised to Buy at Goldman; PT $315
* General Dynamics Raised to Buy at Vertical Research; PT $400
* Hexpol Raised to Buy at ABG; PT 102 kronor
* Hiab Raised to Buy at SEB Equities; PT 52 euros
* Hiab Raised to Buy at Nordea; PT 50 euros
* Honeywell Raised to Outperform at RBC; PT $253
* Incap Raised to Buy at Inderes; PT 11 euros
* Indra Raised to Neutral at Oddo BHF; PT 46 euros (+)
* Microsoft Raised to Buy at Guggenheim; PT $586
* PhotoCure Raised to Buy at ABG; PT 68 kroner
* Prisma Properties Raised to Buy at Pareto Securities
* Schneider Electric Raised to Overweight at Morgan Stanley

>>> Down
* B3 Consulting Cut to Hold at Pareto Securities; PT 50 kronor
* Berkshire Hathaway Cut to Underperform at KBW; PT $700,000
* Centrica Cut to Neutral at Citi; PT 185 pence
* EDP SA Cut to Neutral at JPMorgan; PT 4.70 euros
* EDP SA Cut to Hold at Deutsche Bank; PT 4.10 euros
* EDP Renovaveis Cut to Neutral at Citi; PT 13.80 euros
* EDP Renovaveis Cut to Hold at Deutsche Bank; PT 12 euros
* Evli Cut to Accumulate at Inderes; PT 24 euros
* Groupe Guillin Cut to Hold at Portzamparc; PT 30 euros (+)
* Hexagon Cut to Hold at SEB Equities; PT 132 kronor
* Marimekko Cut to Reduce at Inderes; PT 13.50 euros
* Nordex Cut to Neutral at Grupo Santander; PT 25.40 euros
* Sika Cut to Neutral at Oddo BHF; PT 195 Swiss francs
* Sika PT cut from 251 to 235 CHF at RBC
* Vaisala Cut to Hold From Buy by Berenberg, Target Cut to EUR50 From EUR55 by Berenberg

>>> Initiation
* Anglogold Rated New Buy at Citi; PT $90
* R&S Group Holding Rated New Outperform at Oddo BHF
* Robinhood Rated New Outperform at CICC; PT $155
* Sika Reinstated Underperform at BofA; PT 165 Swiss francs (+)
* Soiltech Rated New Buy at Pareto Securities; PT 100 kroner
* Trustpilot Rated New Outperform at RBC; PT 290 pence

>>> Call
* SAP Kept at Buy as Berenberg Notes Strong Q3, AI Risks/Benefits
* Solid Inflows to US Equity Funds: Deutsche Bank Strategists (+)
* Morgan Stanley’s Wilson Sees Earning Revisions Widening in 2026 (+)
* Schneider Electric Raised to Overweight at Morgan Stanley (+)