>>> Europe : Brokers Upgrades & Downgrades - 4th of July 2025 V3(++)

>>> Up
* AMS-Osram Raised to Add at AlphaValue/Baader (++)
* CVC Capital Raised to Overweight at JPMorgan; PT 20.60 euros
* Forvia Raised to Reduce at AlphaValue/Baader
* Huhtamaki Raised to Buy at OP Corporate Bank; PT 38 euros (+)
* LEG Immobilien Raised to Neutral at Van Lanschot Kempen
* Sampo Raised to Accumulate at OP Corporate Bank; PT 9.80 euros (++)
* SCA Raised to Overweight at JPMorgan; PT 136 kronor
* Softcat Raised to Buy at Berenberg; PT 1,900 pence
* Trican Well Service Raised to Outperform at Raymond James
* United Utilities Raised to Buy at AlphaValue/Baader (++)

>>> Down
* Accesso Technology Cut to Hold at Peel Hunt; PT 540 pence
* Aker Solutions Cut to Hold at SEB Equities; PT 38 kroner
* DWS Cut to Underperform at BNPP Exane; PT 43 euros
* Dynavox Group Cut to Hold at ABG; PT 120 kronor
* Elia Group Cut to Neutral at BofA (+)
* Elisa Cut to Reduce at Inderes; PT 48 euros
* Ence Cut to Hold at Jefferies; PT 3.35 euros
* Ferragamo Cut to Underperform at Intesa Sanpaolo; PT 4.80 euros (+)
* Jungheinrich Cut to Neutral at BNPP Exane; PT 42 euros
* Loomis Cut to Hold at DNB Carnegie; PT 431 kronor (++)
* MJ Gleeson PT Cut to 375 pence from 425 pence at RBC (++)
* Moonpig Cut to Hold at Deutsche Bank (+)
* SpareBank 1 SMN Cut to Neutral at SpareBank; PT 200 kroner
* SpareBank 1 Sor-Norge Cut to Neutral at SpareBank; PT 180 kroner
* Vonovia Cut to Sell at Van Lanschot Kempen; PT 27.50 euros

>>> Initiation
* A2A Reinstated Neutral at BNPP Exane; PT 2.40 euros
* Drax Resumed Overweight at JPMorgan; PT 1,000 pence
* Fuchs Rated New Buy at Baptista Research; PT 51 euros
* Krones Rated New Hold at Baptista Research; PT 158.40 euros
* Shurgard Rated New Buy at Goldman; PT 42.30 euros
* Veidekke Rated New Buy at SpareBank; PT 190 kroner

>>> Call
* Barclays Strategists Say Case for FTSE 250 Less Compelling Now (++)
* Continental Gets Catalyst Watch at Citi on Reassuring Messaging
* DWS Falls, BNPP Exane Cuts to Underperform on Growth Challenges (++)
* Elia Falls as BofA Downgrades on Better Opportunities Elsewhere (++)
* JPMorgan Raises CVC; Better Outlook for Private Market Managers
* Moonpig Falls as Deutsche Cuts on Doubts About Mid-Teens Growth (++)
* SCA Raised at JPMorgan, But Pulp Price Recovery More Muted
* Softcat Raised to Buy at Berenberg Following Recent Selloff
* Watches of Switzerland Extends Drop as Goldman Cuts Price Target (++)