>>> Europe : Brokers Upgrades & Downgrades - 28th of April 2025

>>> Up
* Airbus Raised to Buy at Kepler Cheuvreux; PT 170 euros
* Antofagasta Raised to Add at Peel Hunt; PT 1,860 pence
* Apetit Raised to Accumulate at Inderes; PT 15 euros
* BE Semiconductor Raised to Hold at HSBC; PT 95 euros
* Boeing Raised to Outperform at Bernstein; PT $218
* Digia Raised to Buy at Inderes; PT 7.80 euros
* Fresnillo PT Raised to 1,450 pence from 1,000 pence at JPMorgan
* Hochschild Mining PT Raised to 430 pence at JPMorgan
* Interpump Raised to Outperform at BNPP Exane; PT 37 euros
* Kempower Raised to Hold at SEB Equities; PT 10.50 euros
* NCAB Group Raised to Buy at Pareto Securities; PT 51 kronor
* Saipem Raised to Buy at Stifel; PT 2.50 euros
* Valero Energy Raised to Neutral at Goldman; PT $127
* Wartsila Raised to Buy at SEB Equities; PT 18 euros

>>> Down
* Addlife Cut to Hold at SEB Equities; PT 178 kronor
* Adecoagro Cut to Underweight at Morgan Stanley; PT $10
* Aker Solutions Cut to Hold at ABG; PT 34 kroner
* Autostore Cut to Hold at Deutsche Bank; PT 5.70 kroner
* Avantor Cut to Hold at Stifel; PT $14
* Biogen Cut to Hold at HSBC; PT $118
* CMB Tech Cut to Hold at Arctic Securities; PT 7.92 euros
* Eastman Chemical Cut to Neutral at JPMorgan; PT $76
* Eli Lilly Cut to Reduce at HSBC; PT $700
* Eramet Cut to Underperform at Oddo BHF; PT 48 euros
* Fraport Downgraded at Jefferies on Transatlantic Overexposure
* Golden Ocean Cut to Hold at Arctic Securities; PT $8.55
* Hannover Re Cut to Hold at HSBC; PT 290 euros
* Incap Cut to Accumulate at Inderes; PT 12 euros
* Inchcape Cut to Neutral at BNPP Exane; PT 725 pence
* Indutrade Cut to Hold at ABG; PT 285 kronor
* Kemira Cut to Hold at SEB Equities; PT 20 euros
* Man Group Cut to Neutral at JPMorgan; PT 167 pence
* Mapfre Cut to Neutral at Oddo BHF; PT 3.05 euros
* Munich Re Cut to Hold at HSBC; PT 620 euros
* Roche Cut to Hold at HSBC; PT 295 Swiss francs
* Titan Cement Cut to Equal-Weight at Euroxx Securities

>>> Initiation
* ADP Rated New Hold at Baptista Research; PT 132.70 euros
* Alstom Rated New Hold at Baptista Research; PT 24.30 euros
* ASML ADRs Reinstated Neutral at Haitong Intl; PT $713
* Auto Trader Rated New Underperform at Baptista Research
* Capgemini Rated New Buy at Baptista Research; PT 207.90 euros
* Chemring Group Rated New Outperform at RBC; PT 500 pence
* Cohort Rated New Outperform at RBC; PT 1,570 pence
* Danone Rated New Underperform at Baptista Research
* Dassault Systemes Rated New Underperform at Baptista Research
* EssilorLuxottica Rated New Underperform at Baptista Research
* Fresnillo Rated New Underperform at Baptista Research
* Getlink Rated New Underperform at Baptista Research
* Halma Rated New Underperform at Baptista Research
* Informa Rated New Hold at Baptista Research; PT 990 pence
* Intertek Rated New Underperform at Baptista Research
* Kering Rated New Buy at Baptista Research; PT 239.10 euros
* Kingspan Rated New Underperform at Baptista Research
* Legrand Rated New Underperform at Baptista Research
* LVMH Rated New Buy at Baptista Research; PT 692 euros
* Marks & Spencer Rated New Underperform at Baptista Research
* Next Rated New Underperform at Baptista Research
* Orange Rated New Underperform at Baptista Research
* Pearson Rated New Underperform at Baptista Research
* QinetiQ Rated New Sector Perform at RBC; PT 450 pence
* Renault Rated New Hold at Baptista Research; PT 54.50 euros
* Rentokil Rated New Underperform at Baptista Research
* Rexel Rated New Hold at Baptista Research; PT 28.70 euros
* Safran Rated New Underperform at Baptista Research
* Sage Group Rated New Buy at Baptista Research; PT 1,340 pence
* Saint-Gobain Rated New Underperform at Baptista Research
* Schneider Electric Rated New Hold at Baptista Research
* SEB Rated New Buy at Baptista Research; PT 133.70 euros
* Smiths Rated New Hold at Baptista Research; PT 2,010 pence
* Smith & Nephew Rated New Buy at Baptista Research
* Spie Rated New Underperform at Baptista Research; PT 40.10 euros
* Teleperformance Rated New Buy at Baptista Research
* Thales Rated New Underperform at Baptista Research
* Vinci Rated New Underperform at Baptista Research

>>> Call
* Antofagasta Raised at Peel Hunt as Pullback Creates Opportunity
* Assa Abloy’s Defensive Qualities May Appeal, Citi Upgrades
* Chemring, Cohort New Outperforms at RBC, QinetiQ Sector Perform
* Fraport Downgraded at Jefferies on Transatlantic Overexposure
* Goldman’s Kostin: Expectations of Dividend Growth Are Too Sour
* Goldman Strategists See European Earnings Sliding in 2025