>>> Europe : Brokers Upgrades & Downgrades - 6th of August 2025

>>> Up
* BFF Bank Raised to Outperform at Mediobanca SpA; PT 12 euros
* Cofinimmo Raised to Equal-Weight at Barclays; PT 77 euros
* Halozyme Raised to Overweight at Morgan Stanley; PT $75
* Interroll Raised to Buy at Berenberg; PT 2,750 Swiss francs
* Kardex Raised to Buy at Berenberg; PT 375 Swiss francs

>>> Down
* Baltic Classifieds Group Cut to Hold at Peel Hunt; PT 350 pence
* Clariant Cut to Neutral at Goldman; PT 9 Swiss francs
* Cloudberry Clean Energy Cut to Neutral at SpareBank
* Fresnillo Cut to Neutral at Banco BTG Pactual; PT 1,600 pence
* Fugro Cut to Hold at Jefferies; PT 12.50 euros
* Galapagos Cut to Sell at Deutsche Bank; PT 19 euros
* GTT Cut to Hold at Berenberg
* Snap Cut to Market Perform at Citizens
* Taylor Wimpey Cut to Underweight at Barclays; PT 110 pence

>>> Initiation
* Adyen Rated New Outperform at Grupo Santander; PT 1,992 euros
* EQT Rated New Buy at DBS Bank; PT 347.65 kronor
* Fresenius Medical Care ADRs Rated New Neutral at BNPP Exane
* Kuros Biosciences Rated New Add at Baader Helvea
* Luceco Rated New Buy at Berenberg; PT 160 pence
* Rosebank Rated New Buy at Jefferies; PT 435 pence

>>> Call