>>> Europe : Brokers Upgrades & Downgrades - 4th of September 2025 V2(+)

>>> Up
* Atlas Copco Raised to Outperform at BNPP Exane; PT 175 kronor
* Develia SA Raised to Accumulate at Erste Group; PT 9.10 zloty
* Dormakaba PT Raised to 900 Swiss francs at Berenberg
* Dormakaba Raised to Buy at Kepler Cheuvreux; PT 810 Swiss francs (+)
* EXPL FP Raised to Buy at TP ICAP Midcap; PT 217 euros (+)
* Interroll Raised to Outperform at ZKB; PT 3,184 Swiss francs (+)
* Lundbeck Raised to Buy at Handelsbanken; PT 60 kroner (+)
* Marimekko Raised to Accumulate at Inderes; PT 13 euros
* RENK Group Raised to Neutral at BNPP Exane; PT 68 euros
* SMA Solar Raised to Hold at Jefferies; PT 16 euros

>>> Down
* Ceconomy Cut to Sell at M.M. Warburg; PT 4.60 euros (+)
* Entain Cut to Hold at HSBC; PT 917 pence
* Jet2 Estimates and Price Target Cut at Jefferies After Update (+)
* Parker-Hannifin Cut to Hold at Deutsche Bank; PT $809
* Wartsila Cut to Sell at Citi on Overly Optimistic Valuation
* WH Smith Cut to Hold at Investec; PT 690 pence

>>> Initiation
* Aryzta Rated New Hold at Berenberg; PT 80 Swiss francs
* Buzzi SpA Rated New Neutral at Goldman; PT 47 euros
* Conduit Rated New Underweight at Barclays; PT 280 pence (+)
* Dassault Aviation Reinstated Outperform at BNPP Exane
* Generali Resumed Overweight at Morgan Stanley; PT 37.50 euros
* Heidelberg Materials Rated New Buy at Goldman; PT 240 euros
* Holcim Rated New Buy at Goldman; PT 75 Swiss francs
* Kongsberg Rated New Equal-Weight at Morgan Stanley
* Leonardo Reinstated Neutral at BNPP Exane; PT 50 euros
* Mercedes Rated New Outperform at CICC; PT 60 euros
* Saab Rated New Underweight at Morgan Stanley; PT 430 kronor
* Tate & Lyle Rated New Equal-Weight at Morgan Stanley
* TechnipFMC Rated New Buy at William O'Neil
* UniCredit Reinstated Buy at DZ Bank; PT 76 euros (+)
* Ypsomed Rated New Overweight at KeyBanc; PT 525 Swiss francs

>>> Call
* Ferrovial is Europe Infrastructure Pick at JPMorgan, Getlink Cut
* SMA Solar Raised at Jefferies Following Post-Warning Correction
* Tate & Lyle Needs Catalysts, New Equal-Weight at Morgan Stanley
* Ypsomed Overweight at KeyBanc on Shift to Injectable Pure Play