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

>>> Up
* ABB PT Raised to 68 Swiss francs from 62 Swiss francs at Citi
* Campari Raised to Neutral at JPMorgan; PT 6 euros
* Deutsche Bank PT Raised to 39 euros from 34 euros at RBC
* Emeis Raised to Reduce at AlphaValue/Baader
* Equinor Raised to Buy at Arctic Securities; PT 270 kroner
* Garmin PT Raised to $208 from $167 at Barclays
* Kempower Raised to Accumulate at Inderes; PT 17 euros
* Nordex Raised to Reduce at AlphaValue/Baader
* Sweco Raised to Buy at Jefferies; PT 200 kronor
* Sweco Raised to Buy at ABG; PT 195 kronor
* Vale ADRs Raised to Buy at Banco BTG Pactual; PT $15
* Valmet Raised to Buy at Inderes; PT 32 euros

>>> Down
* Boeing Cut to Hold at Deutsche Bank; PT $240
* Eurobank Cut to Hold at HSBC; PT 3.65 euros
* Fiserv Cut to Neutral at Seaport Global Securities
* Fiserv Cut to Neutral at Goldman; PT $79
* Fiserv Cut to Equal-Weight at Morgan Stanley; PT $81
* Fiserv Cut to Hold at Truist Secs
* Fiserv Cut to Hold at TD Cowen; PT $80
* Impianti Cut to Neutral at EnVent S.p.A.; PT 1 euro
* Kuehne + Nagel Cut to Underweight at Barclays
* Loihde Cut to Reduce at Inderes; PT 11.70 euros
* Matvareexpressen Cut to Sell at Norne Securities; PT 190 kroner
* Meta Cut to Market Perform at Oppenheimer
* Mowi Cut to Hold at Nordea
* Neste Cut to Neutral at BNPP Exane; PT 19 euros
* Neste ADRs Cut to Neutral at BNPP Exane; PT $11.20
* Outokumpu Cut to Hold at Deutsche Bank; PT 3.60 euros
* Salmar Cut to Sell at Nordea; PT 500 kroner
* Symrise Cut to Add at AlphaValue/Baader
* Valmet Cut to Hold at SEB Equities; PT 30 euros

>>> Initiation
* Bachem Rated New Neutral at Oddo BHF; PT 64.60 Swiss francs
* Cisco Reinstated Buy at President Capital Management; PT $90
* Otofarma Rated New Buy at Alantra Capital Markets; PT 8 euros
* Ratos Rated New Hold at SEB Equities; PT 42 kronor
* SMG Swiss Marketplace Group Rated New Neutral at Goldman
* SMG Swiss Marketplace Group Rated New Overweight at JPMorgan
* SMG SW Rated New Equal-Weight at Morgan Stanley
* SMG Swiss Marketplace Group Rated New Neutral at BNPP Exane

>>> Call