>>> Europe : Brokers Upgrades & Downgrades - 5th of September 2025 V3(++)

>>> Up
* Amazon Raised to Buy at Punto Casa de Bolsa
* ASML Raised to Buy at UBS
* Avantium Raised to Hold at Kepler Cheuvreux; PT 13.50 euros (++)
* 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
* Huber+Suhner PT Raised to 140 Swiss francs at UBS (++)
* MFE Raised to Buy at Equita; PT 5 euros (+)
* QPR Software Raised to Reduce at Inderes; PT 58 euro cents
* Sartorius Raised to Buy at Stifel; PT 230 euros
* SGS Raised to Outperform at BNPP Exane; PT 98 Swiss francs (+)
* STMicro Raised to Outperform at BNPP Exane; PT 26 euros
* STMicro ADRs Raised to Outperform at BNPP Exane

>>> Down
* Abivax Cut to Hold at Portzamparc; PT 63 euros (+)
* 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
* BioMerieux Cut to Neutral at Invest Securities SA; PT 124 euros (++)
* DKSH Cut to Underperform at BNPP Exane; PT 55 Swiss francs
* Genus Cut to Hold at Kepler Cheuvreux; PT 2,700 pence (++)
* HgCapital Cut to Equal-Weight at Barclays; PT 570 pence
* Jet2 PT Cut to 1,800 pence from 1,920 pence at Panmure Liberum (+)
* 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
* Ninety One Rated New Buy at SBG Securities; PT 221 pence (+)
* Sixt Rated New Buy at UBS; PT 102 euros (+)

>>> Call
* Admiral Falls After Cut to Sell at Peel Hunt; PT 2,350 pence (++)
* ASML Raised to Buy at UBS; Says Negative Factors Priced In (+)
* Sanofi Selloff Overdone, Valuation Highly Attractive: Berenberg (+
* Sixt New Buy at UBS on Margin Recovery, US Market-Share Gains