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

>>> Up
* AB Dynamics Raised to Hold at Jefferies; PT 1,620 pence
* Deutsche Post Raised to Buy at Citi; PT 48 euros
* DocMorris Raised to Add at Baader Helvea; PT 10 Swiss francs
* Elisa PT Raised to 58 euros from 55 euros at Morgan Stanley
* Embraer ADRs Raised to Buy at HSBC; PT $57
* Judges Scientific Raised to Buy at Jefferies; PT 9,100 pence
* Kardex Raised to Buy at Jefferies; PT 300 Swiss francs
* NN Group Raised to Overweight at JPMorgan; PT 70 euros

>>> Down
* Castellum Cut to Hold at SEB Equities; PT 120 kronor
* Cofinimmo Cut to Hold at Berenberg; PT 78 euros
* Constellation Energy Cut to Neutral at Citi; PT $318
* Diagnostyka Cut to Hold at Trigon Dom Maklerski; PT 178 zloty
* Gerresheimer Cut to Hold at DZ Bank; PT 50 euros
* Gerresheimer Cut to Hold at Berenberg; PT 55 euros
* Norsk Hydro Cut to Sell at Nordea; PT 43 kroner
* Orlen Cut to Neutral at Citi; PT 73 zloty
* PORR Cut to Accumulate at Erste Group; PT 34.20 euros
* Redcare Pharmacy NV Cut to Hold at Kepler Cheuvreux

>>> Initiation
* DraftKings Rated New Outperform at Bernstein; PT $46
* Flutter Rated New Market Perform at Bernstein; PT $275
* Liberty Formula One Rated New Market Perform at Bernstein
* Meta Reinstated Buy at William O'Neil
* Orior Rated New Hold at Octavian; PT 13 Swiss francs
* Spotify Rated New Outperform at Bernstein; PT $825
* TKO Rated New Outperform at Bernstein; PT $190
* Warner Music Rated New Outperform at Bernstein; PT $32

>>> Call
* Babcock Put on Positive Watch at JPMorgan, Room to Lift Guidance
* Deutsche Post Upgraded at Citi on Underappreciated Margin Upside
* Kardex Raised at Jefferies on Warehouse Automation Recovery
* NN Group Now Preferred to ASR at JPMorgan on Earnings Potential