>>> Europe : Brokers Upgrades & Downgrades - 28th of October 2025 V3(++)

>>> Up
* Bakkafrost Raised to Hold at Norne Securities; PT 500 kroner
* Banco BBVA Argentina SA ADRs Raised to Outperform at Itau BBA
* Bechtle Raised to Overweight at Cantor; PT 43 euros
* Carrefour Raised to Buy at DZ Bank; PT 15 euros (++)
* Diagnostyka Raised to Outperform at Santander Biuro Maklerskie (+)
* Fresenius SE Raised to Outperform at Oddo BHF; PT 59 euros
* Kalmar Raised to Accumulate at Inderes; PT 39 euros
* Lloyds PT Raised to 110 pence from 100 pence at RBC
* Metso Raised to Buy at Kepler Cheuvreux; PT 15.50 euros (++)
* Nokia Raised to Buy at Jefferies; PT 6.60 euros
* Norse Atlantic Raised NOK113.7m in Private Placement
* Spirax Raised to Buy at UBS; PT 10,500 pence (++)

>>> Down
* Atlas Copco Cut to Sell at UBS; PT 140 kronor (++)
* Austevoll Seafood Cut to Hold at Norne Securities; PT 110 kroner
* Big Yellow Group Cut to Hold at Jefferies; PT 1,191 pence
* Dassault Systemes Cut to Add at AlphaValue/Baader
* EDP SA Cut to Hold at Bestinver; PT 4.60 euros
* EDP Renovaveis Cut to Hold at Bestinver; PT 12.95 euros
* Eni Cut to Hold at HSBC; PT 16.50 euros
* Galp Cut to Neutral at Grupo Santander; PT 19 euros
* Genmab Cut to Hold at Jyske Bank; PT 2,000 kroner (+)
* Kemira Cut to Reduce at Inderes; PT 21.50 euros
* Leroy Cut to Hold at Norne Securities; PT 55 kroner (+)
* Lundbeck Cut to Hold at SEB Equities; PT 48 kroner
* Sagax Cut to Hold at Pareto Securities; PT 233 kronor
* SAP Cut to Reduce at AlphaValue/Baader
* Sika Cut to Underweight at JPMorgan; PT 160 Swiss francs
* Solvay Cut to Sell at Berenberg; PT 24 euros
* TietoEVRY Cut to Reduce at OP Corporate Bank; PT 18 euros (++)
* Vossloh Cut to Hold at Kepler Cheuvreux; PT 85 euros (++)

>>> Initiation
* Ayvens Rated New Hold at Jefferies; PT 11.10 euros
* Constellation Energy Rated New Overweight at Wells Fargo
* DTE Energy Rated New Overweight at Wells Fargo; PT $157
* Duke Energy Rated New Equal-Weight at Wells Fargo; PT $126
* EQT Rated New Neutral at Oddo BHF; PT 350 kronor
* Partners Group Rated New Outperform at Oddo BHF
* R&S Group Holding Rated New Buy at Berenberg; PT 40 Swiss francs
* Stif Rated New Buy at Kepler Cheuvreux; PT 80 euros (++)
* SynAct Pharma Rated New Corporate at Edison Investment Research
* Tkms AG Rated New Buy at Bankhaus Metzler; PT 96 euros (+)

>>> Call
* Fresenius SE Upgraded at Oddo BHF on Growth in Helios Unit