>>> Europe : Brokers Upgrades & Downgrades - 7th of November 2025 V3(++)

>>> Up
* AMD Raised to Outperform at CICC; PT $265
* ArcelorMittal Raised to Overweight at JPMorgan; PT 42 euros
* ArcelorMittal ADRs PT Raised to $44 from $36 at Deutsche Bank (++)
* ASML Raised to Buy at Rothschild & Co Redburn; PT 1,200 euros
* Autostore Raised to Buy at Nordea; PT 14 kroner
* Baidu ADRs Raised to Buy at Deutsche Bank
* Boliden Raised to Outperform at RBC; PT 500 kronor
* BPER Banca Raised to Buy at Kepler Cheuvreux; PT 11.90 euros (++)
* British Land Raised to Buy at UBS; PT 435 pence (++)
* Cellnex Raised to Neutral at New Street Research; PT 29 euros
* DNO Raised to Buy at DNB Carnegie (++)
* Exel Composites Raised to Buy at OP Corporate Bank (++)
* Expedia PT Raised to $310 from $265 at Benchmark (++)
* Hexagon Raised to Outperform at BNPP Exane; PT 130 kronor
* Logista Raised to Neutral at Alantra Equities; PT 31.80 euros
* Maersk Raised to Hold at Arctic Securities; PT 11,900 kroner
* Optomed Raised to Buy at Inderes; PT 5.20 euros
* Paragon Raised to Buy at Shore Capital; PT 1,000 pence (++)
* Redeia Raised to Buy at JB Capital Markets; PT 18.30 euros
* Salmar Raised to Buy at Danske Bank Markets (++)
* Salzgitter Raised to Neutral at JPMorgan; PT 28.50 euros
* Seadrill Raised to Buy at SEB Equities; PT $34
* Uniper Raised to Neutral at Oddo BHF; PT 31 euros (+)
* Veidekke Raised to Buy at ABG; PT 185 kroner
* Voestalpine Raised to Overweight at JPMorgan; PT 40.60 euros

>>> Down
* Aixtron Cut to Sell at Van Lanschot Kempen; PT 15 euros
* AKWEL SADIR Cut to Hold at Portzamparc; PT 11.90 euros (+)
* ASM Intl Cut to Neutral at Rothschild & Co Redburn; PT 610 euros
* Banca Mediolanum Cut to Neutral at Banca Akros (+)
* BKW Cut to Neutral at UBS; PT 185 Swiss francs (++)
* Brembo Cut to Neutral at Intesa Sanpaolo; PT 11.20 euros (+)
* Daimler Truck Cut to Sell From Hold by MWB Research, Target Cut to EUR30.00 From EUR34.00 (++)
* DiaSorin Cut to Hold at Deutsche Bank; PT 71 euros
* EDP SA Cut to Sell at Goldman; PT 4.05 euros
* EDP Renovaveis Cut to Neutral at Goldman; PT 13.50 euros
* Elica Cut to Neutral at Intesa Sanpaolo; PT 1.80 euros
* Harvia Cut to Reduce at Inderes; PT 43 euros
* Kion Cut to Hold at DZ Bank; PT 63 euros
* Koenig & Bauer Cut to Reduce at Kepler Cheuvreux; PT 10 euros (++)
* Novo Cut to Sell at Intron Health; PT 270 kroner (+)
* OCI Cut to Hold at Kepler Cheuvreux; PT 3.70 euros (++)
* PZU Cut to Hold at Erste Group; PT 62.70 zloty (+)
* Sainsbury Cut to Reduce at Kepler Cheuvreux; PT 336 pence (++)
* Securitas Cut to Hold at Nordea
* SES GDRs Cut to Underweight at New Street Research
* UBS Cut to Underperform at KBW; PT 31 Swiss francs
* Weir Group Cut to Neutral at Goldman; PT 2,900 pence

>>> Initiation
* Avon Technologies Reinstated Buy at Investec; PT 2,300 pence (+)
* Circus Rated New Overweight at Cantor; PT 40.60 euros
* Stora Enso Rated New Neutral at SB1 Markets; PT 10.80 euros

>>> Call
* ArcelorMittal, Voestalpine Now JPMorgan’s Top Europe Steel Picks
* Boliden Nearing Inflection Point, Raised to Outperform at RBC (+)
* UBS Downgraded at KBW on Regulatory, Litigation Risks (+)
* UPM-Kymmene Double-Downgraded at JPMorgan, on Negative Watch (+)