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

>>> Up
* Admiral Raised to Buy at Goldman; PT 3,573 pence
* Hiscox Raised to Buy at Goldman; PT 1,395 pence
* IMI PT Raised to 2,450 pence from 2,260 pence at JPMorgan
* Munich Re Raised to Overweight at JPMorgan; PT 650 euros
* NN Group Raised to Buy at Goldman; PT 61 euros
* SLB Raised to Outperform at ATB Capital; PT $43
* STMicro Raised to Outperform at Oddo BHF; PT 32 euros
* Synektik Raised to Outperform at Santander Biuro Maklerskie (+)
* UCB Raised to Buy at BofA (+)

>>> Down
* Adobe Cut to Sell at Rothschild & Co Redburn; PT $280
* ARM Holdings ADRs Cut to Neutral at Oddo BHF; PT $170
* ASR Nederland Cut to Neutral at Goldman; PT 58.50 euros
* Broadcom Cut to Hold at Punto Casa de Bolsa; PT $280
* Bytes Technology Cut to Hold at Shore Capital (+)
* Cadeler Cut to Hold at Nordea
* Deutsche Post Cut to Hold at HSBC; PT 43 euros
* Jet2 Cut to Hold at Panmure Liberum; PT 1,980 pence (+)
* Kongsberg Cut to Neutral at SpareBank; PT 375 kroner
* Land Sec. Cut to Sell at Van Lanschot Kempen; PT 550 pence
* Legal & General Cut to Neutral at Goldman; PT 249 pence
* Lufthansa Cut to Market Perform at Bernstein (+)
* Melexis Cut to Accumulate at KBC Securities; PT 78 euros
* Norsk Hydro Cut to Hold at Norne Securities; PT 52 kroner
* SUSS MicroTec Cut to Neutral at Oddo BHF; PT 45 euros
* Swedbank Cut to Hold at Deutsche Bank; PT 260 kronor
* Vestas Cut to Sell at DZ Bank; PT 90 kroner (+)
* Zurich Ins. Cut to Sell at Goldman; PT 542 Swiss francs

>>> Initiation
* Cava Group Rated New Overweight at KeyBanc; PT $100
* Chesnara Rated New Equal-Weight at Barclays; PT 300 pence
* Crocs Reinstated Sell at Goldman; PT $88
* Deckers Outdoor Reinstated Sell at Goldman; PT $90
* Gjensidige Re-Initiated Hold at Berenberg; PT 250 kroner
* NP3 Fastigheter Rated New Underperform at Jefferies
* Qiagen Cut to Peerperform at Wolfe
* Sampo Re-Initiated Buy at Berenberg; PT 11.20 euros
* Tryg Re-Initiated Hold at Berenberg; PT 165 kroner
* Under Armour Reinstated Neutral at Goldman; PT $7

>>> Call
* Apple Shares Gain as Jefferies Upgrades, Sees Upside to 3Q
* Gore Street Energy Storage Fund/The Cut to Underperform at RBC
* Munich Re Upgraded at JPMorgan, Capital Returns Can Surprise
* NP3 Fastigheter at Risk of De-Rating, Underperform at Jefferies
* Sampo Top Pick in Nordic Insurers at Berenberg, Gjensidige Hold
* Traton Pre-Close Call Had Cautious Message on Margins, Citi Says