>>> Europe : Brokers Upgrades & Downgrades - 3rd of October 2025 V2(+)

>>> Up
* ABN Amro GDRs Raised to Buy at Goldman; PT 32.50 euros
* AJ Bell PT Raised to 625 pence from 600 pence at Deutsche Bank (+)
* Bunzl Raised to Neutral at Goldman; PT 2,510 pence
* Ceres Power Raised to Buy at Goldman; PT 190 pence
* Delek US Holdings Raised to Equal-Weight at Morgan Stanley
* Diploma Raised to Outperform at RBC; PT 6,000 pence
* IntegraFin PT Raised to 450 pence at Deutsche Bank (+)
* Kongsberg Raised to Hold at Pareto Securities; PT 296 kroner
* Occidental Raised to Buy at HSBC; PT $55
* Schroders Raised to Buy at Citi; PT 435 pence
* St James's Place PT Raised to 1,900 pence at Deutsche Bank (+)
* Technoprobe PT Raised to 10.50 euros at Deutsche Bank (+)
* Upergy Raised to Neutral at Invest Securities SA; PT 1.60 euros (+)

>>> Down
* Fugro Cut to Hold at ING; PT 9.50 euros
* Galderma PT cut from 160 to 157 CHF at Goldman (+)
* Holcim PT cut from 75 to 74 CHF at Goldman
* Holcim PT cut from 81.30 to 77.60 CHF at Jefferies
* Liontrust PT Cut to 280 pence from 290 pence at Deutsche Bank (+)
* PayPal Cut to Peerperform at Wolfe
* PBF Energy Cut to Underweight at Morgan Stanley; PT $27
* Rio Tinto Cut to Sell at SBG Securities; PT 4,960 pence (+)
* Siemens Energy Cut to Neutral at Grupo Santander; PT 107 euros
* Tate & Lyle Cut to Equal-Weight at Barclays; PT 430 pence
* Valero Energy Cut to Equal-Weight at Morgan Stanley; PT $175
* Yara Cut to Hold at Pareto Securities; PT 400 kroner (+)

>>> Initiation
* Belimo Rated New Neutral at Oddo BHF; PT 830 Swiss francs
* Goldman Sachs Reinstated Market Perform at BMO; PT $785
* KKR & Co. Rated New Outperform at BMO; PT $148
* Lazard Rated New Market Perform at BMO; PT $56

>>> Call
* Saab Sell Ratings Multiply as Analysts See No Margin for Error
* Tate & Lyle Cut by Barclays Following This Week’s Profit Warning (+)