>>> Europe : Brokers Upgrades & Downgrades - 2nd of June 2025 V2(+)

>>> Up
* Aberdeen Group Raised to Buy at Goldman; PT 205 pence
* Danske Bank Raised to Overweight at Barclays; PT 289 kroner
* Hensoldt Raised to Overweight at JPMorgan; PT 110 euros
* Nucor Raised to Outperform at BMO; PT $145
* SEB Raised to Overweight at Barclays; PT 185 kronor
* Solwers Raised to Accumulate at Inderes; PT 2.65 euros
* Umicore Raised to Sell from Strong Sell, price target: €10 - Center for Financial Research & Analysis

>>> Down
* Convatec Cut to Sector Perform at RBC; PT 320 pence (+)
* DNB Bank Cut to Equal-Weight at Barclays; PT 296 kroner
* Inditex Cut to Underperform at CaixaBank BPI; PT 47.60 euros (+)
* Iveco Cut to Underweight at Morgan Stanley; PT 15.60 euros
* MTELEKOM HB Cut to Neutral-Short Term Sell at Santander Biuro Maklerskie (+)
* Nordea Bank Cut to Equal-Weight at Barclays; PT 13.40 euros
* Regeneron PT Cut to $645 from $686 at Leerink
* Swiss Life Cut to Neutral at BNPP Exane; PT 775 Swiss francs
* Swiss Re Cut to Underperform at BNPP Exane; PT 130 Swiss francs
* Tryg Cut to Neutral at BNPP Exane; PT 166 kroner

>>> Initiation
* Aspen Insurance Rated New Neutral at Goldman; PT $38
* Aspen Insurance Rated New Buy at Jefferies; PT $42
* Aspen Insurance Rated New Outperform at BMO; PT $38
* Aspen Insurance Rated New Market Outperform at Citizens; PT $45
* Coca-Cola HBC ADRs Rated New Outperform at BNPP Exane; PT $57.30 (+)
* Hanza Rated New Buy at Nordea; PT 101 kronor
* Note Rated New Sell at Nordea; PT 128 kronor
* Puig ADRs Rated New Neutral at BNPP Exane; PT $9.90 (+)
* Seabird Exploration Rated New Buy at Pareto Securities

>>> Call
* Berenberg Cuts Nestlé Price Target as Swiss Franc Strength Weighs on EPS Outlook
* Goldman’s Kostin Sees Low Risk to US Stocks From 5% Bond Yields (+)
* European Earnings Sentiment Improving, Goldman Strategists Say (+)
* RBC’s Calvasina Raises S&P Target to 5,730, Seeing ‘Choppy’ Path