>>> Europe : Brokers Upgrades & Downgrades - 29th of July 2025 V2(+)

>>> Up
* BPER Banca Raised to Outperform at Mediobanca SpA; PT 9.50 euros
* Ekinops SAS Raised to Hold at Portzamparc; PT 4.10 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
* Also Cut to Hold at Research Partners; PT 300 Swiss francs (+)
* Belimo Cut to Hold at Octavian; PT 910 Swiss francs (+)
* 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
* Elia Group Cut to Hold at KBC Securities; PT 110 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
* Nacon Cut to Neutral at Oddo BHF; PT 80 euro cents (+)
* Palfinger Cut to Hold at Hauck & Aufhaeuser; PT 38.50 euros (+)
* Paragon Cut to Hold at Shore Capital (+)
* SUSS MicroTec Cut to Hold at Deutsche Bank; PT 41 euros (+)
* Wavestone Cut to Hold at TP ICAP Midcap; PT 63 euros (+)

>>> Initiation
* Cyber Folks SA Rated New Buy at Erste Group; PT 209 zloty
* EssilorLuxottica ADRs Rated New Outperform at BNPP Exane (+)
* GE Vernova Rated New Hold at Baptista Research; PT $694.90
* IG Design Resumed Hold at Panmure Liberum; PT 75 pence (+)
* Nice Ltd ADRs Assumed Neutral at DA Davidson
* Sainsbury Rated New Hold at Deutsche Bank; PT 310 pence (+)
* Tesco Rated New Buy at Deutsche Bank; PT 470 pence (+)

>>> Call
* Forbo Indicated Lower as ZKB Highlights Significant Margin Miss (+)
* Goldman Strategist’s Call to Look Beyond US Stocks Is Paying Off (+)
* Jefferies Sees Value, Small Caps Joining Record US Stocks Rally
* Positioning on US Equities Gets More Bullish: Citi Strategists (+)
* Randstad’s Improving Topline Outlook Prompts Upgrade at Citi
* Vicat 1H Misses on European Residential Weakness: Citi (+)