>>> Europe : Brokers Upgrades & Downgrades - 7th of November 2025

>>> Up
* Ackermans Raised to Outperform at Oddo BHF; PT 240 euros
* AMC Networks Raised to Equal-Weight at Wells Fargo; PT $8
* ASR Nederland Raised to Outperform at KBW; PT 63 euros
* CF Industries Raised to Outperform at Wolfe; PT $95
* Commerzbank Raised to Buy at Deutsche Bank; PT 37 euros
* DEME Group Raised to Outperform at Oddo BHF; PT 160 euros
* Expedia Raised to Outperform at CICC; PT $271
* Experian Raised to Add at AlphaValue/Baader
* MPC Energy Solutions Raised to Buy at SB1 Markets; PT 16 kroner
* NN Group Raised to Outperform at KBW; PT 68 euros
* OKEA Raised to Buy at ABG; PT 30 kroner
* Piper Sandler Raised to Buy at Goldman; PT $386
* Rightmove Raised to Buy at Panmure Liberum; PT 660 pence
* Rightmove Raised to Outperform at RBC; PT 775 pence
* Siemens Energy Raised to Buy at Jefferies; PT 134 euros
* SUSS MicroTec Raised to Buy at Jefferies; PT 42 euros
* Tesmec Raised to Outperform at Mediobanca SpA; PT 14 euro cents
* UPM-Kymmene Raised to Overweight at Morgan Stanley; PT 30 euros

>>> Down
* Canada Goose PT Cut to $11 from $13 at Barclays
* DraftKings PT Cut to $40 from $54 at Barclays
* GBL Cut to Neutral at BNPP Exane; PT 79 euros
* HubSpot Cut to Neutral at Rothschild & Co Redburn; PT $450
* Huscompagniet Cut to Hold at SEB Equities; PT 45 kroner
* JD.com ADRs Cut to Underweight at Morgan Stanley; PT $28
* Mandatum Cut to Underperform at KBW; PT 5.30 euros
* Mondi Cut to Underweight at Barclays; PT 760 pence
* Rightmove Cut to Underweight at Barclays; PT 570 pence
* Sampo Cut to Market Perform at KBW; PT 10 euros
* Swiss Life Cut to Underperform at KBW; PT 807 Swiss francs
* Tulikivi Cut to Sell at Inderes; PT 38 euro cents
* Under Armour PT Cut to $4 from $6 at TD Cowen

>>> Initiation
* Amadeus ADRs Rated New Outperform at BNPP Exane; PT $102
* Dellia Group Rated New Buy at ABG; PT 310 kroner
* Johnson Matthey ADRs Rated New Neutral at BNPP Exane; PT $54
* Rockpoint Gas Storage Rated New Outperform at BMO; PT C$31

>>> Call
* Siemens Energy Remains Undervalued, Raised to Buy at Jefferies
* SUSS MicroTec Order Improvement Sees Jefferies Upgrade to Buy
* UPM-Kymmene Upgraded at Morgan Stanley on Self Help, Cash Flow