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

>>> Up
* ASML Raised to Buy at Mizuho Securities; PT 930 euros
* Avantium Raised to Outperform at Oddo BHF; PT 9.20 euros
* Danieli Raised to Outperform at Mediobanca SpA; PT 47 euros
* Stora Enso Raised to Neutral at BNPP Exane; PT 9.30 euros
* Stora Enso ADRs Raised to Neutral at BNPP Exane; PT $10.80
* TKH GDRs Raised to Outperform at Oddo BHF; PT 48 euros
* Transocean Raised to Buy at Arctic Securities; PT $3.50

>>> Down
* Diagnostyka Cut to Hold at Jefferies; PT 204 zloty
* Electronic Arts Cut to Hold at Freedom Capital; PT $195
* Elisa Cut to Sell at Nordea; PT 40 euros
* Konecranes Cut to Hold at SEB Equities; PT 75 euros
* Novo ADRs Cut to Underweight at Morgan Stanley; PT $47
* Sobi Cut to Hold at ABG; PT 280 kronor

>>> Initiation
* ABN Amro GDRs Resumed Buy at Citi; PT 30.60 euros
* Banco BPM Rated New Neutral at Grupo Santander; PT 13.30 euros
* Capita Rated New Buy at Canaccord; PT 900 pence (+)
* Holmen Reinstated Underperform at BNPP Exane; PT 305 kronor
* Norse Atlantic Rated New Buy at Arctic Securities; PT 15 kroner
* Pony AI ADRs Rated New Buy at Citi; PT $29
* Sunrise Communications Rated New Buy at Citi; PT 57 Swiss francs
* Thyssenkrupp Reinstated Hold at Jefferies; PT 11.50 euros
* WeRide ADRs Rated New Buy at Citi; PT $15.50

>>> Call
* Gjensidige Double-Upgraded at Jefferies, Admiral Raised to Buy
* Novo Cut to Underweight at Morgan Stanley on Slower GLP-1 Growth
* Rentokil Organic Growth Challenged, Berenberg Initiates at Sell
* Sunrise Communications New Buy at Citi on Attractive Dividend