>>> Europe : Brokers Upgrades & Downgrades - 30th of June 2025

>>> Up
* Allegro Raised to Overweight at Morgan Stanley; PT 40 zloty
* Disney Raised to Buy at Jefferies; PT $144
* Entra Raised to Buy at Nordea; PT 143 kroner
* Holcim Raised to Buy at Jefferies; PT 65 Swiss francs
* Liontrust Raised to Add at Peel Hunt; PT 435 pence
* NCC Raised to Buy at SEB Equities; PT 202 kronor
* Salmar Raised to Buy at Arctic Securities; PT 500 kroner
* Whirlpool Raised to Buy at Longbow; PT $145

>>> Down
* Centrica Cut to Neutral at JPMorgan; PT 167 pence
* Huhtamaki PT Cut to 28 euros from 40 euros at Berenberg
* Man Group Cut to Add at Peel Hunt; PT 191 pence
* Moncler Cut to Neutral at Goldman; PT 57 euros
* Skanska Cut to Hold at SEB Equities; PT 240 kronor
* Troax Cut to Hold at SEB Equities; PT 160 kronor
* Uniqa Cut to Accumulate at Erste Group; PT 13 euros

>>> Initiation
* Amrize Rated New Buy at Berenberg; PT $64
* Amrize Rated New Hold at Jefferies; PT 44.50 Swiss francs
* Brenntag Rated New Buy at Baptista Research; PT 80.80 euros
* CTS Eventim Rated New Hold at Baptista Research; PT 112.90 euros
* Evonik Rated New Buy at Baptista Research; PT 26.20 euros
* GEA Group Rated New Hold at Baptista Research; PT 64.40 euros
* Hensoldt Rated New Underperform at Baptista Research
* Hochtief Rated New Hold at Baptista Research; PT 184.30 euros
* Leonardo DRS Rated New Buy at Goldman; PT $49
* Lufthansa Rated New Hold at Baptista Research; PT 8.20 euros
* Pony AI ADRs Rated New Outperform at GuoSen; PT $15.25
* Starbucks Rated New Outperform at CICC; PT $100
* Zalando Rated New Buy at Jefferies; PT 33 euros

>>> Call
* Boeing Wins Buy Rating as Redburn Sees ‘Healthier’ Company
* Centrica Downgraded at JPMorgan, Upside More Limited From Here
* Holcim Well Placed to Capture Upside, Jefferies Raises to Buy