>>> Europe : Brokers Upgrades & Downgrades - 30th of September 2025 V2(+)

>>> Up
* CFE Raised to Outperform at Oddo BHF; PT 11 euros
* Equasens Raised to Buy at Portzamparc; PT 46 euros (+)
* IO Biotech Raised to Neutral at Van Lanschot Kempen
* Knorr-Bremse Raised to Buy at Hauck & Aufhaeuser; PT 91 euros (+)
* Metsa Board Raised to Reduce at Inderes; PT 3 euros
* Poste Italiane PT Raised to 22.60 euros at Berenberg

>>> Down
* Erste Cut to Hold at J&T Banka; PT 90 euros
* Hess Midstream Cut to Neutral at Goldman; PT $36
* Indutrade Cut to Hold at Pareto Securities; PT 235 kronor
* Raiffeisen Cut to Equal-Weight at Barclays; PT 29 euros
* Spotify Cut to Neutral at Goldman; PT $770
* Unilever PT Cut to 3,800 pence from 3,900 pence at Jefferies

>>> Initiation
* ABB Reinstated Buy at Nordea; PT 62.64 Swiss francs
* Alphabet Rated New Outperform at Mizuho Securities; PT $295
* Amazon Reinstated Outperform at Mizuho Securities; PT $300
* Academy Sports & Outdoors Rated New Equal-Weight at Barclays
* Banijay Group Rated New Buy at Berenberg; PT 13.50 euros
* BW Energy Rated New Buy at Clarksons; PT 65 kroner (+)
* DoorDash Rated New Outperform at Mizuho Securities; PT $350
* Expedia Reinstated Neutral at Mizuho Securities; PT $240
* Lyft Rated New Neutral at Mizuho Securities; PT $24
* Meta Rated New Outperform at Mizuho Securities on AI Position
* Semco Technologies SAS Rated New Hold at TP ICAP Midcap (+)
* Snap Rated New Neutral at Mizuho Securities; PT $9
* Steyr Motors Rated New Outperform at Oddo BHF; PT 75 euros
* Trivago ADRs Reinstated Neutral at Mizuho Securities; PT $3.50
* Uber Reinstated Outperform at Mizuho Securities; PT $130

>>> Call
* ABB ‘Profitable and High-Quality,’ Initiated Buy at Nordea (+)
* Banijay Benefiting From Structural Trends, New Buy at Berenberg
* Nestle Unlikely to Address Issues Until February, Jefferies Says (+)