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

>>> Up
* Aixtron Raised to Overweight at Barclays; PT 20 euros (+)
* Alfen Raised to Neutral at Oddo BHF; PT 11 euros
* Bakkafrost Raised to Buy at Pareto Securities; PT 540 kroner
* Eni price target raised to EUR 15 from EUR 14.50 at Citi
* Ferragamo Raised to Outperform at BNPP Exane; PT 10 euros
* Ferragamo ADRs Raised to Outperform at BNPP Exane; PT $5.70
* Geberit Raised to Neutral at JPMorgan; PT 600 Swiss francs
* Mosaic Raised to Outperform at RBC; PT $30
* Multiconsult Raised to Buy at SEB Equities; PT 190 kroner
* Nemetschek Raised to Outperform at BNPP Exane; PT 120 euros
* NIBE Industrier Raised to Accumulate at Inderes; PT 40 kronor
* Oerlikon Raised to Outperform at RBC; PT 3.70 Swiss francs
* Ryanair price target raised to EUR 30 from EUR 28 at RBC Capital
* Scatec Raised to Buy at Norne Securities; PT 122 kroner
* Segro Raised to Buy from hold at Bereneberg, PT from 978p to 1,056p

>>> Down
* Acciona Cut to Neutral at Grupo Santander; PT 215 euros (+)
* Aurinia Pharmaceuticals Cut to Sector Perform at RBC; PT $15
* Chemometec Cut to Hold at SEB Equities; PT 800 kroner
* Fiserv Cut to Neutral at BNPP Exane; PT $62
* PSI Software SE Cut to Hold at Quirin Privatbank AG; PT 45 euros
* Redeia Cut to Sector Perform at RBC; PT 15.60 euros
* SIG Group price target lowered to CHF 11.80 from CHF 12.50 at Citi

>>> Initiation
* Great Portland Re-Initiated Hold at Berenberg
* Hammerson Rated New Buy at Berenberg
* Harworth Rated New Buy at Berenberg
* Helical Re-Initiated Hold at Berenberg
* Henry Boot Rated New Buy at Berenberg, PT 337p
* Indexa Capital Group Rated New Outperform at Renta 4
* Land Sec. Re-Initiated Buy at Berenberg
* LU-VE Rated New Buy at Equita; PT 44.70 euros (+)
* NewRiver Rated New Buy at Berenberg
* Unicaja Rated New Neutral at Mediobanca SpA; PT 2.50 euros
* Vulcan Two Group Rated New Buy at Canaccord; PT 287 pence (+)

>>> Call
* Aixtron Upgraded to Overweight as Barclays Sees AI Growth Story (++)
* Grifols Results Beat, But FX to Impact Consensus, JPMorgan Says
* Redeia Impacted by Regulation, Cut to Sector Perform at RBC