>>> Europe : Brokers Upgrades & Downgrades - 5th of June 2025 V2(+)

>>> Up
* Allianz PT Raised to 419 euros from 407 euros at Berenberg
* Bayer Raised to Buy at Goldman; PT 33 euros
* Demant Raised to Buy at Citi; PT 335 kroner
* Emeis Raised to Reduce at AlphaValue/Baader
* Engie Raised to Overweight at Barclays; PT 22 euros
* Hammerson Raised to Buy at Van Lanschot Kempen; PT 310 pence (+)
* Haleon PT Raised to 502 pence from 460 pence at Berenberg
* Learnd Raised to Buy at Baader Helvea; PT 6.40 euros
* Reckitt Raised to Outperform at Bernstein (+)
* Triglav Raised to Outperform at Oddo BHF; PT 62 euros

>>> Down
* Airbus Cut to Neutral at Citi; PT 183 euros
* Akzo Nobel Cut to Neutral at UBS (+)
* Azelis Cut to Hold at Berenberg
* Bankinter Cut to Hold at Kepler Cheuvreux (+)
* Breedon Group Cut to Neutral at Davy; PT 500 pence (+)
* Digia Cut to Accumulate at Inderes; PT 8.30 euros
* E.On Cut to Equal-Weight at Barclays
* Ferguson Cut to Hold at Berenberg
* Just Eat Takeaway Cut to Hold at ING; PT 20.30 euros
* Microsoft Cut to Hold at Punto Casa de Bolsa; PT $444.65
* Mo-BRUK Cut to Hold at Erste Group; PT 272 zloty (+)
* Nvidia Cut to Hold at Punto Casa de Bolsa; PT $138
* Snam Cut to Equal-Weight at Barclays

>>> Initiation
* DFS Furniture Rated New Buy at Panmure Liberum; PT 300 pence
* Marvell Technology Rated New Buy at China Renaissance
* Talanx Rated New Underperform at Autonomous; PT 110 euros

>>> Call
* Airbus Downgraded to Neutral at Citi on Weaker Dollar
* Azelis Short-Term Risks Prompt Downgrade to Hold at Berenberg
* Citi More Positive on EU MedTech, Demant Raised, Alcon Top Pick
* Julius Baer PT Cut at RBC on Prospects of Slower Recovery in EPS