>>> Europe : Brokers Upgrades & Downgrades - 28th of March 2025 V2(+)

>>> Up
* AB InBev ADRs Raised to Buy at Argus; PT $70
* Acciona Energia Raised to Outperform at Oddo BHF; PT 24.90 euros
* Adecco Raised to Buy at Goldman; PT 42 Swiss francs
* Brenntag Raised to Buy at DZ Bank; PT 72 euros
* ElringKlinger Raised to Buy at DZ Bank; PT 5.50 euros
* Ferrari Raised to Overweight at Barclays; PT $523.32
* Ferrari Raised to Buy at Kepler Cheuvreux
* Michelin Raised to Buy at HSBC; PT 38 euros
* Mondelez PT Raised to $75 from $63 at Citi
* Next PT Raised to 13,400 pence from 12,600 pence at Berenberg
* Schott Pharma Raised to Buy at DZ Bank; PT 29 euros

>>> Down
* Austrian Post Cut to Hold at Erste Group; PT 33.70 euros
* Eurogroup Laminations Cut to Hold at Berenberg
* Jenoptik Cut to Hold at Deutsche Bank; PT 26 euros
* Kone Cut to Hold at Jefferies; PT 53 euros
* PolyPeptide Group Cut to Add at Baader Helvea
* Porsche SE Cut to Hold at DZ Bank; PT 38 euros
* ProSieben Cut to Hold at DZ Bank; PT 5.75 euros
* Puuilo Cut to Reduce at Inderes; PT 12 euros

>>> Initiation
* Spotify Rated New Sector Perform at FBN; PT $645
* Walmart Rated New Outperform at KGI Securities; PT $102
* Warner Music Rated New Sector Perform at FBN; PT $35

>>> Call
* Schindler Favored Elevators Play at Jefferies, Kone Cut to Hold