>>> Europe : Brokers Upgrades & Downgrades - 29th of July 2025

>>> Up
* BPER Banca Raised to Outperform at Mediobanca SpA; PT 9.50 euros
* Faron Pharma Raised to Accumulate at Inderes; PT 260.09 pence
* Friedrich Vorwerk Group PT Raised to 100 euros at Berenberg
* Heijmans GDRs Raised to Outperform at Oddo BHF; PT 68.50 euros
* Jardine Matheson Raised to Buy at Goldman; PT $66.30
* Randstad Raised to Buy at Citi; PT 51 euros
* Standard Chartered PT Raised to 1,640 pence at Jefferies

>>> Down
* Admiral Cut to Neutral at Citi; PT 3,535 pence
* Cellnex Cut to Neutral at JPMorgan; PT 44.50 euros
* CM Cut to Hold at ING; PT 6 euros
* Elecnor Cut to Neutral at JB Capital Markets; PT 24.50 euros
* Forvia Cut to Hold at Deutsche Bank; PT 11 euros
* Kongsberg Automotive Cut to Hold at ABG; PT 1.65 kroner
* Legal & General Cut to Neutral at Mediobanca SpA; PT 278 pence
* MOL Cut to Neutral at Citi; PT 3,200 forint

>>> Initiation
* Cyber Folks SA Rated New Buy at Erste Group; PT 209 zloty
* GE Vernova Rated New Hold at Baptista Research; PT $694.90
* Nice Ltd ADRs Assumed Neutral at DA Davidson

>>> Call
* Jefferies Sees Value, Small Caps Joining Record US Stocks Rally
* Randstad’s Improving Topline Outlook Prompts Upgrade at Citi