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

>>> Up
* Alimak PT Raised to 180 kronor from 152 kronor at Berenberg
* Burberry PT Raised to 1,600 pence from 1,250 pence at Citi
* Drax Raised to Neutral at Citi; PT 682 pence
* Incap Raised to Accumulate at Inderes; PT 12 euros
* Kone PT Raised to 67 euros from 65 euros at Bernstein
* Landis + Gyr Raised to Buy at Berenberg; PT 80 Swiss francs
* Mapfre Raised to Add at AlphaValue/Baader
* NatWest Raised to Add at AlphaValue/Baader
* Oklo Raised to Outperform at Daiwa; PT $86
* Quilter Raised to Hold at Deutsche Bank; PT 165 pence

>>> Down
* Entain Cut to Hold at Investec; PT 1,040 pence
* Julius Baer Cut to Equal-Weight at Barclays
* Kalmar Cut to Hold at SEB Equities; PT 42 euros
* Kuehne + Nagel Cut to Add at AlphaValue/Baader
* Loomis Cut to Hold at SEB Equities; PT 450 kronor
* Puma Cut to Underperform at BNPP Exane; PT 15 euros
* Puma Cut to Hold at Deutsche Bank; PT 20 euros
* Remy Cointreau Cut to Underweight at Barclays; PT 45 euros
* Richemont Cut to Hold at HSBC; PT 158 Swiss francs
* RS Group Cut to Underperform at BNPP Exane; PT 480 pence
* Swatch Cut to Reduce at HSBC; PT 113 Swiss francs
* Titan America Cut to Hold at Stifel; PT $15

>>> Initiation
* NXP Semi Rated New Outperform at Baptista Research; PT $262.40
* Pony AI ADRs Rated New Buy at Daiwa; PT $20

>>> Call
* Burberry Execution is on Track, Target Set to Joint-High at Citi
* Drax Loses Only Sell as Citi Sees ‘Strategic Breathing Room’
* Landis+Gyr Raised to Buy at Berenberg on Divestment Catalyst
* Watch Aerospace in Wake of Positive US-EU Deal: Morgan Stanley