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

>>> Up
* Amazon Raised to Buy at Punto Casa de Bolsa
* ASML Raised to Buy at UBS
* Enento Group Raised to Accumulate at Inderes; PT 17 euros
* Generali Raised to Outperform at Mediobanca SpA; PT 37 euros
* HarbourVest Global Raised to Overweight at Barclays
* HSBC Raised to Outperform at BNPP Exane; PT 1,100 pence
* QPR Software Raised to Reduce at Inderes; PT 58 euro cents
* Sartorius Raised to Buy at Stifel; PT 230 euros
* STMicro Raised to Outperform at BNPP Exane; PT 26 euros
* STMicro ADRs Raised to Outperform at BNPP Exane

>>> Down
* Admiral Cut to Sell at Peel Hunt; PT 2,350 pence
* Apax Global Alpha Cut to Equal-Weight at Barclays; PT 165 pence
* BioArctic Cut to Sell at Nordea; PT 220 kronor
* DKSH Cut to Underperform at BNPP Exane; PT 55 Swiss francs
* HgCapital Cut to Equal-Weight at Barclays; PT 570 pence
* NatWest Cut to Underperform at BNPP Exane; PT 520 pence
* NB PE Partners Cut to Underweight at Barclays; PT 1,510 pence

>>> Initiation
* Hermes ADRs Rated New Outperform at BNPP Exane; PT $326.60
* Ralph Lauren Rated New Buy at William O'Neil

>>> Call