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

>>> Up
* Aker Solutions Raised to Buy at SEB Equities; PT 37 kroner
* Continental Raised to Neutral at Oddo BHF; PT 79 euros
* CTS Eventim Raised to Buy at Rothschild & Co Redburn
* Ferrari Raised to Buy at Deutsche Bank; PT 520 euros (+)
* Huber+Suhner PT Raised to 140 Swiss francs at Berenberg
* ING Raised to Overweight at Morgan Stanley; PT 25.40 euros
* Kering Raised to Buy at HSBC; PT 300 euros
* LVMH Raised to Buy at HSBC; PT 625 euros
* NIO Inc. ADRs Raised to Buy at Huatai Research; PT $7.56
* Sanofi Raised to Buy at Deutsche Bank; PT 110 euros (+)
* Schneider Electric Raised to Buy at Deutsche Bank; PT 240 euros
* Technip Energies Raised to Overweight at JPMorgan; PT 47 euros

>>> Down
* Aker Solutions Cut to Underweight at JPMorgan; PT 30 kroner
* B&M European Cut to Hold at Shore Capital; PT 250 pence
* BAT Cut to Underperform at RBC; PT 3,400 pence
* Borr Drilling Cut to Sell at SEB Equities; PT $2.40
* Commerzbank Cut to Equal-Weight at Morgan Stanley; PT 36 euros
* Elis Cut to Add at IDMidcaps; PT 26 euros (+)
* Eni Cut to Sector Perform at RBC
* EnQuest Cut to Neutral at JPMorgan; PT 14 pence
* Equinor Cut to Hold at SEB Equities; PT 266 kroner
* Hermes Cut to Hold at HSBC; PT 2,350 euros
* Legal & General Cut to Reduce at AlphaValue/Baader
* Noble Corp. Cut to Hold at SEB Equities; PT $30
* Seadrill Cut to Hold at SEB Equities; PT $33
* Siemens Cut to Market Perform at Bernstein
* Taylor Wimpey Cut to Neutral at BofA; PT 105 pence (+)
* Var Energi Cut to Neutral at JPMorgan; PT 33 kroner
* Var Energi Cut to Sell at SEB Equities; PT 32 kroner

>>> Initiation
* Brookfield Corp Reinstated Buy at Goldman; PT C$107.24
* Harbour Energy Rated New Overweight at JPMorgan; PT 298 pence
* IPC Rated New Sector Perform at RBC; PT 177.90 kronor
* Shelly Group Rated New Buy at Berenberg; PT 70 euros
* Siemens ADRs Rated New Outperform at BNPP Exane; PT $158.50

>>> Call
* BAT New Category Business Expectations Overblown, RBC Downgrades
* Continental Transformation Welcome, Oddo BHF Upgrades to Neutral
* Eni Cut to Sector Perform at RBC, Pause After Execution Success (+)
* MS Stays Positive on European Banks; Names ING Top Pick