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

>>> Up
* Barclays PT Raised to 435 pence from 355 pence at RBC
* Carlsberg Raised to Hold at Nordea
* Dow Raised to Buy at Rothschild & Co Redburn; PT $40
* Interroll Raised to Buy at Jefferies; PT 2,600 Swiss francs
* Kardex PT Raised to 360 Swiss francs at Jefferies
* Krones Raised to Outperform at Oddo BHF; PT 152 euros
* Lloyds Raised to Buy at Goldman; PT 99 pence
* Logitech Raised to Outperform at BNPP Exane; PT 88 Swiss francs
* Netcompany Raised to Buy at ABG; PT 300 kroner

>>> Down
* AO World Cut to Hold at Deutsche Bank; PT 105 pence
* Bristol Myers Cut to Neutral at Daiwa; PT $42
* Heidelberger Druck Cut to Add at Baader Helvea; PT 2.40 euros
* ON Semi Cut to Neutral at BofA
* Phoenix Group Cut to Hold at Peel Hunt
* Protector Forsikring Cut to Hold at SEB Equities; PT 544 kroner
* SFC Energy Cut to Hold at Berenberg

>>> Initiation
* Also Rated New Buy at Berenberg; PT 320 Swiss francs
* Hacksaw Rated New Buy at Jefferies; PT 130 kronor
* Hacksaw Rated New Buy at Citi; PT 113 kronor
* Hacksaw Rated New Buy at Berenberg; PT 100 kronor
* Innovatec Rated New Neutral at EnVent S.p.A.; PT 30 euro cents
* Standard Chartered Rated New Add at Pacific Securities Co Ltd
* Vinci ADRs Rated New Outperform at BNPP Exane; PT $40.50

>>> Call
* Also Gets a Buy Rating at Berenberg on Secular Growth Trends
* Goldman Says European Profit Misses Are Punished Most in Decades
* Interroll Upgraded to Buy at Jefferies, PT Boosted on Kardex