>>> Europe : Brokers Upgrades & Downgrades - 3rd of of July 2025

>>> Up
* Arkema Still Neutral at JPMorgan; PT 65 euros
* CES Energy Raised to Outperform at National Bank; PT C$10.50
* Citigroup PT Raised to $103 from $94 at Morgan Stanley
* FedEx Raised to Outperform at BNPP Exane; PT $270
* Goldman Sachs PT Raised to $680 from $592 at Morgan Stanley
* JPMorgan PT Raised to $296 from $240 at Morgan Stanley
* Marvell Technology Raised to Buy at SinoPac; PT $89
* UPS Raised to Neutral at BNPP Exane; PT $100

>>> Down
* Anglo American PT Cut to 1,900 pence at Berenberg
* BE Semiconductor Cut to Equal-Weight at Barclays; PT 125 euros
* Brenntag Cut to Hold at Berenberg; PT 55 euros
* Endesa Cut to Underperform at BNPP Exane; PT 25.50 euros
* Enel Cut to Neutral at BNPP Exane; PT 8.40 euros
* Entra Cut to Hold at Pareto Securities; PT 135 kroner
* Keller Cut to Hold at Deutsche Bank; PT 1,660 pence
* Kitron Cut to Hold at Norne Securities; PT 65 kroner
* Public Property Invest Cut to Hold at ABG; PT 26 kroner
* Rio Tinto Cut to Hold at Berenberg; PT 4,700 pence
* Rio Tinto ADRs Cut to Hold at Berenberg; PT $62

>>> Initiation
* Argenx ADRs Assumed Overweight at Morgan Stanley; PT $700
* Netcall Rated New Buy at Berenberg; PT 155 pence
* Scout24 Rated New Overweight at Cantor; PT 135 euros

>>> Call
* Brenntag Downgraded to Hold at Berenberg on Guidance Cut Risk
* Rio Tinto Cut at Berenberg, Miners Set for Further Volatility