>>> Europe : Brokers Upgrades & Downgrades - 6th of June 2025 V2(+)

>>> Up
* Chemring Group Raised to Buy at Berenberg; PT 670 pence
* Demant Raised to Buy at Kepler Cheuvreux; PT 315 kroner (+)
* Enea Raised to Buy at Citi; PT 19.90 zloty
* Fraport Raised to Hold at Deutsche Bank; PT 50 euros
* Fresenius Medical Care Raised to Add at AlphaValue/Baader (+)
* Hannover Re Raised to Market Perform at KBW; PT 260 euros
* NN Group Raised to Buy at Deutsche Bank; PT 63 euros
* PGE Raised to Neutral at Citi; PT 10.80 zloty
* Phoenix Group Raised to Buy at Deutsche Bank; PT 720 pence
* Prudential Raised to Buy at Deutsche Bank; PT 1,000 pence
* Sonova Raised to Hold at Kepler Cheuvreux; PT 255 Swiss francs (+)
* Uniqa PT Raised to 15.50 euros from 14.50 euros at Berenberg
* Vend Marketplaces Raised to Overweight at JPMorgan

>>> Down
* Allianz Cut to Hold at Deutsche Bank; PT 380 euros
* ASR Nederland Cut to Hold at Deutsche Bank; PT 60 euros
* Hensoldt Raised to Neutral at BNPP Exane; PT 110 euros (+)
* Legal & General Cut to Hold at Deutsche Bank; PT 270 pence
* Munich Re Cut to Underperform at KBW; PT 500 euros
* OCI Cut to Hold at Berenberg; PT 8.70 euros
* PG&E Cut to Sell at CFRA
* Sandoz Group Cut to Hold at Bank Vontobel; PT 45 Swiss francs (+)
* Wizz Air Cut to Sector Perform at RBC; PT 1,500 pence

>>> Initiation
* Baltic Classifieds Group Rated New Overweight at JPMorgan
* Cie Financiere Rated New Market Perform at ZKB (+)
* DocMorris Reinstated Market Perform at ZKB (+)
* Hemnet Rated New Neutral at JPMorgan; PT 295 kronor
* Huber+Suhner Rated New Buy at Berenberg; PT 100 Swiss francs
* MLP Rated New Outperform at Oddo BHF; PT 11 euros
* Nemetschek Reinstated Buy at William O'Neil
* PostNL Cut to Reduce at Kepler Cheuvreux; PT 80 euro cents (+)
* Public Policy Holding Rated New Buy at Texas Capital
* RENK Group Cut to Underperform at BNPP Exane; PT 72 euros (+)
* Teva ADRs Reinstated Buy at Goldman; PT $24
* Wise Reinstated Buy at William O'Neil
* Zegona Communications Rated New Buy at Deutsche Bank (+)

>>> Call
* Baltic Classifieds Overweight at JPMorgan, Hemnet Rated Neutral
* Chemring Raised to Buy at Berenberg on ‘Very Bright’ Outlook
* Citi Prefers Big Tech Over Small-Caps on AI, Underweight UKcircle
* Huber+Suhner Well-Positioned for Growth, New Buy at Berenberg
* MLP New Outperform at Oddo BHF on Long-Term Value Opportunity