>>> Europe : Brokers Upgrades & Downgrades - 2nd of December 2025 V3(++)

>>> Up
* Aedas Homes SA Raised to Buy at CaixaBank BPI; PT 24 euros (++)
* Albemarle Raised to Neutral at Baird; PT $113
* Bachem Raised to Buy at UBS (+)
* British Land Raised to Buy at Panmure Liberum; PT 490 pence (+)
* EDP Renovaveis Raised to Buy at CaixaBank BPI; PT 14.80 euros (++)
* EDP SA Raised to Buy at CaixaBank BPI; PT 4.90 euros (++)
* Entain Raised to Overweight at JPMorgan; PT 1,090 pence
* Erste Raised to Overweight at Barclays; PT 106 euros
* Generali Raised to Buy at BofA (+)
* Hafnia Raised to Buy at Fearnley; PT 68 kroner (+)
* Hensoldt Raised to Hold at mwb research AG; PT 65 euros (++)
* Hypoport Raised to Outperform at BNPP Exane; PT 210 euros
* Kitron Raised to Buy at SB1 Markets; PT 70 kroner
* Naturgy Raised to Neutral at CaixaBank BPI; PT 28.20 euros (++)
* Persimmon Raised to Outperform at RBC; PT 1,750 pence
* Pop. Sondrio Raised to Buy at Deutsche Bank; PT 17.60 euros
* Salmon Evolution Raised to Buy at Pareto Securities
* Talgo Raised to Neutral at CaixaBank BPI; PT 3.10 euros (++)
* Taylor Wimpey Raised to Outperform at RBC; PT 150 pence
* Technogym PT Raised to 18 euros from 15.20 euros at UBS (++)
* Tecnicas Reunidas Raised to Hold at Bestinver; PT 30.45 euros
* T-Mobile Upgraded at KeyBanc on Balanced Risk Profile
* Yellow Cake Raised to Buy at Panmure Liberum; PT 630 pence (+)

>>> Down
* 10X Genomics Cut to Equal-Weight at Morgan Stanley
* Allfunds Cut to Neutral at UBS
* Auction Technology Group PT Cut to 310 pence at RBC
* Barratt Redrow Cut to Sector Perform at RBC; PT 450 pence
* Berkeley Cut to Underperform at RBC; PT 3,700 pence
* Bouvet Cut to Hold at SB1 Markets; PT 60 kroner
* Campari Raised to Overweight at Barclays; PT 7.90 euros
* Credito Emiliano Cut to Hold at Deutsche Bank; PT 15.40 euros
* Elliptic Laboratories Cut to Hold at SB1 Markets; PT 7 kroner
* Enel Cut to Neutral at CaixaBank BPI; PT 9.65 euros (++)
* Evonik Cut to Reduce at Kepler Cheuvreux
* FDJ United Cut to Underweight at JPMorgan; PT 22.50 euros
* Ithaca Energy Cut to Sell at Stifel; PT 137 pence (+)
* KBC Cut to Underweight at Barclays; PT 96 euros
* Pandora Cut to Hold at ABG; PT 800 kroner
* Pirelli Cut to Hold at Equita; PT 6.50 euros (+)
* Rexel Cut to Neutral at CIC; PT 32 euros (++)
* Sampo Cut to Underperform at BofA (+)
* Scandic Cut to Underweight at Morgan Stanley; PT 85 kronor
* Sunrise Communications Cut to Neutral at BNPP Exane
* Symbotic Cut to Sell at Goldman; PT $47
* Vinci Cut to Equal-Weight at Morgan Stanley; PT 138 euros
* Webstep ASA Cut to Sell at SB1 Markets; PT 15 kroner

>>> Initiation
* Academedia Reinstated Hold at SEB Equities; PT 113 kronor
* Constellation Oil Services Holding SA GDRs Rated New Buy at ABG
* Danaher Rated New Overweight at Morgan Stanley; PT $270
* Getinge Rated New Neutral at SB1 Markets; PT 208 kronor (+)
* IG Group Reinstated Buy at Deutsche Bank; PT 1,300 pence
* Intralot Rated New Buy at Jefferies; PT 1.35 euros
* Inventiva SACA Rated New Buy at Van Lanschot Kempen; PT 16 euros (+)
* Inventiva SACA ADRs Rated New Buy at Van Lanschot Kempen; PT $19 (+)
* Orsted Rated New Buy at Equita; PT 184 kroner (+)
* Solaris Energy Rated New Overweight at Morgan Stanley; PT $68
* Sword Rated New Buy at TP ICAP Midcap; PT 47 euros (+)
* TPXImpact Rated New Corporate at Cavendish; PT 45 pence (+)
* Trifast Reinstated Buy at Singer Capital Markets; PT 120 pence (++)
* Waters Rated New Equal-Weight at Morgan Stanley; PT $423

>>> Call
* Hotels Favored in Leisure at JPMorgan, More Selective in Gaming
* Scandic Cut at Morgan Stanley on UK Business Rates Headwind
* Telecom Plus Trades at 21-Month Low as Deutsche Bank Cuts Target (++)
* Vinci Cut at Morgan Stanley, Eiffage Favored French-Centric Play