>>> Europe : Brokers Upgrades & Downgrades - 4th of August 2025

>>> Up
* Air France-KLM Raised to Equal-Weight at Barclays
* Bank of Ireland Raised to Outperform at KBW; PT 14.40 euros
* BAE Raised to Buy at Jefferies; PT 2,060 pence
* Boreo Raised to Accumulate at Inderes; PT 18 euros
* Corbion Raised to Hold at Berenberg; PT 16.50 euros
* Evotec Raised to Buy at Van Lanschot Kempen; PT 7.50 euros
* Grieg Seafood Raised to Buy at Fearnley; PT 81 kroner
* Hensoldt Raised to Hold at Jefferies; PT 92 euros
* IAG Raised to Equal-Weight at Barclays; PT 370 pence
* ITM Power Raised to Buy at Berenberg; PT 100 pence
* Lloyds Raised to Neutral at JPMorgan
* Lloyds Raised to Outperform at RBC; PT 95 pence
* Lufthansa Raised to Equal-Weight at Barclays; PT 7.20 euros

>>> Down
* BMW Cut to Fully Valued at DBS Bank; PT 70 euros
* Disney Cut to Hold at Punto Casa de Bolsa; PT $128
* Entra Cut to Neutral at Van Lanschot Kempen; PT 125 kroner
* Scatec Cut to Hold at SEB Equities; PT 103 kroner
* Shell Cut to Hold at HSBC; PT 2,950 pence

>>> Initiation
* Essity Reinstated Neutral at Goldman; PT 275 kronor
* Noontao Sarl Rated New Buy at Greensome Finance; PT 23.80 euros
* Seagate Rated New Hold at Baptista Research; PT $172.90

>>> Call
* Iron Ore Seen at $95-$100 as China’s Moves Underwhelm: Goldman