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

>>> Up

* AMD PT Raised to $300 from $200 at Melius

* AMD Raised to Buy at Jefferies; PT $300

* Kering Raised to Overweight at Morgan Stanley; PT 370 euros

* LVMH Raised to Overweight at Morgan Stanley; PT 635 euros

* NKT Raised to Buy at Jefferies; PT 878 kroner

* Rentokil Raised to Outperform at Bernstein; PT 570 pence

* Skanska Raised to Buy at Jefferies; PT 295 kronor

* Smurfit WestRock Raised to Overweight at Wells Fargo; PT $52

>>> Down

* Endesa Cut to Hold at HSBC; PT 28 euros

* Enel Cut to Hold at HSBC; PT 8.70 euros
* Hermes Cut to Equal-Weight at Morgan Stanley; PT 2,420 euros

* Iberdrola Raised to Overweight at Renta 4; PT 18.60 euros

* Kreate Cut to Reduce at Inderes; PT 9.40 euros

* Nexans Cut to Hold at Jefferies; PT 139 euros

* NNIT Cut to Sell at ABG; PT 52 kroner

* Norsk Hydro Cut to Neutral at SB1 Markets; PT 70 kroner

* Technoprobe Cut to Neutral at Mediobanca SpA; PT 9 euros

* UPM-Kymmene Cut to Hold at Jefferies; PT 24.50 euros

* Wacker Chemie Cut to Neutral at Citi; PT 71 euros

* Ypsomed PT Cut from 466 to 435 CHF at UBS

>>> Initiation

* Cellnex Reinstated Underperform at BNPP Exane; PT 27 euros

* DocMorris Rated New Equal-Weight at Barclays; PT 7 Swiss francs

* Dynavox Group Rated New Buy at SB1 Markets; PT 124 kronor

* INWIT Reinstated Neutral at BNPP Exane; PT 10.50 euros
* Lime Technologies Rated New Buy at SB1 Markets; PT 425 kronor

* Micron Rated New Outperform at Itau BBA; PT $249

* Netflix Rated New Outperform at Itau BBA; PT $1,514

* PORR Rated New Buy at Jefferies; PT 37 euros

* Redcare Pharmacy NV Rated New Overweight at Barclays

* VAT Rated New Buy at Citi; PT 425 Swiss francs

>>> Call

* Kering Now Top Luxury Pick at Morgan Stanley; Hermes, Prada Cut
* Netflix Upgraded at Seaport on Market-Share Gains and Content

* *T-MOBILE NOW TOP TELECOM & CABLE SERVICE PICK AT MORGAN STANLEY