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

>>> Up
* Ambu Raised to Outperform at Bernstein; PT 139.90 kroner (+)
* AMD PT Raised to $300 from $200 at Melius
* AMD Raised to Buy at Jefferies; PT $300
* ASR Nederland Raised to Buy at BofA (++)
* Autoneum PT Raised from 125 to 154 CHF at Research Partners (+)
* 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
* NN Group Raised to Buy at BofA (++)
* Ocado PT Cut to 170 pence from 210 pence at Morgan Stanley (+)
* Rentokil Raised to Outperform at Bernstein; PT 570 pence
* Richemont PT raised from 180 to 183 CHF at Morgan Stanley (+)
* Skanska Raised to Buy at Jefferies; PT 295 kronor
* Smurfit WestRock Raised to Overweight at Wells Fargo; PT $52
* Vossloh PT Raised to 105 euros from 97 euros at Bankhaus Metzler (+)

>>> Down
* Aker Cut to Hold at Danske Bank Markets; PT 815 kroner (++)
* ATEME SA Cut to Sell at IDMidcaps; PT 4.10 euros (+)
* Credit Agricole Cut to Add at AlphaValue/Baader (++)
* 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
* JDE Peet's Cut to Hold at Jefferies; PT 31 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
* Paradox Interactive Cut to Hold at Danske Bank Markets (++)
* Starbreeze Cut to Reduce at Inderes; PT 0.15 kronor (+)
* 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
* Lundin Mining Rated New Buy at Clarksons; PT C$26 (+)
* Micron Rated New Outperform at Itau BBA; PT $249
* Netflix Rated New Outperform at Itau BBA; PT $1,514
* Onward Medical Rated New Strong Buy at Portzamparc
* PORR Rated New Buy at Jefferies; PT 37 euros
* Redcare Pharmacy NV Rated New Overweight at Barclays
* Seadrill Rated New Equal-Weight at Barclays; PT $33 (++)
* VAT Rated New Buy at Citi; PT 425 Swiss francs

>>> Call
* Ambu Raised to Outperform at Bernstein on Growth Prospects (+)
* Jefferies Raises NKT to Buy, Cuts Nexans to Hold (+)
* Kering Now Top Luxury Pick at Morgan Stanley; Hermes, Prada Cut
* Netflix Upgraded at Seaport on Market-Share Gains and Content
* NKT Jumps to Record, Nexans Dips on Jefferies’ Rating Moves (++)
* Rentokil Double-Upgraded at Bernstein on Stronger Growth Outlook (+)
* *T-MOBILE NOW TOP TELECOM & CABLE SERVICE PICK AT MORGAN STANLEY
* TomTom Jumps After Kepler Upgrades to Buy on Improved Near Term (++)