>>> Europe : Brokers Upgrades & Downgrades - 5th of May 2025

>>> Up
* Airbus Raised to Buy at Jefferies; PT 175 euros
* Lundbeck Raised to Buy at SEB Equities; PT 44 kroner

>>> Down
* AMS-Osram Cut to Sell at Research Partners; PT 5.80 Swiss francs
* Microsoft Cut to Accumulate at Phillip Secs; PT $480
* OTP Bank Cut to Neutral at Oddo BHF; PT 28,600 forint
* Raisio Cut to Reduce at Inderes; PT 2.40 euros
* Spotify Cut to Reduce at Phillip Secs; PT $600

>>> Initiation
* Adidas Rated New Overweight at Piper Sandler; PT 265 euros
* Meta Rated New Buy at Sealand Securities
* Thor Medical ASA Rated New Buy at Arctic Securities; PT 4 kroner

>>> Call