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

>>> Up
* Alfa Laval Raised to Neutral at JPMorgan; PT 509 kronor
* Atlas Copco Raised to Overweight at Barclays; PT 178 kronor
* BCP Raised to Buy at Goldman; PT 96 euro cents
* Bodycote Raised to Overweight at Barclays; PT 765 pence
* Commerzbank Raised to Neutral at Goldman; PT 35.50 euros
* Carlsberg Raised to Buy at UBS
* Gecina Raised to Buy at Goldman; PT 95.40 euros
* Inditex Raised to Neutral at Mediobanca SpA; PT 50 euros
* Mitie Rated New Outperform at RBC; PT 195 pence
* Schneider Electric Raised to Overweight at JPMorgan
* SocGen Raised to Buy at Goldman; PT 72.75 euros
* Softcat Raised to Overweight at JPMorgan; PT 1,950 pence
* YouGov Raised to Overweight at JPMorgan; PT 385 pence

>>> Down
* Aegon Cut to Neutral at UBS
* DNB Bank Cut to Neutral at Goldman; PT 290 kroner
* Grand City Properties Cut to Neutral at Goldman; PT 11.50 euros
* Great Portland Cut to Neutral at Goldman; PT 340 pence
* NatWest Cut to Neutral at Goldman; PT 685 pence
* Siemens Healthineers Cut to Hold at Deutsche Bank; PT 46 euros
* Capgemini Re-Initiated Neutral at JPMorgan
* Gecina Reinstated Buy at ING; PT 97 euros
* New Wave Rated New Buy at SB1 Markets; PT 135 kronor

>>> Call
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