>>> Europe : Brokers Upgrades & Downgrades - 8th of August 2025 V2(+)

>>> Up
* America Movil ADRs Raised to Neutral at JPMorgan; PT $21
* Athens Intnl Airport Raised to Buy at HSBC; PT 12.80 euros
* Diageo ADRs Raised to Neutral at Goldman; PT $107
* Diageo Raised to Neutral at Goldman; PT 2,000 pence
* Henkel Raised to Equal-Weight at Morgan Stanley; PT 72 euros
* Lassila & Tikanoja Raised to Buy at SEB Equities; PT 11.20 euros (+)
* Lotus Bakeries Raised to Buy at KBC Securities; PT 10,750 euros (+)
* MTELEKOM HB Raised to Outperform at Santander Biuro Maklerskie (+)
* Novartis ADRs Raised to Equal-Weight at Morgan Stanley; PT $123
* Novartis Raised to Equal-Weight at Morgan Stanley
* Novo Raised to Hold at Intron Health; PT 300 kroner (+)
* OTP Bank Raised to Buy at Citi; PT 33,500 forint
* Paradox Interactive Raised to Buy at SEB Equities; PT 195 kronor
* Peloton Raised to Buy at Goldman; PT $11.50
* Ralph Lauren PT Raised to $423 from $406 at JPMorgan
* Sanofi Raised to Overweight at JPMorgan; PT 105 euros

>>> Down
* Bankinter Cut to Hold at Deutsche Bank; PT 12.75 euros (+)
* Crocs Cut to Hold at Stifel; PT $85
* Crocs Cut to Equal-Weight at Barclays; PT $81
* CTP Cut to Hold at Jefferies; PT 20.30 euros
* Fraport Cut to Neutral at JPMorgan; PT 73 euros
* Honda ADRs Cut to Hold at CFRA
* Just Group Cut to Equal-Weight at Barclays; PT 220 pence
* Multiconsult Cut to Sell at SEB Equities; PT 205 kroner
* Roche Cut to Underweight at Morgan Stanley; PT 245 Swiss francs
* Roche ADRs Cut to Underweight at Morgan Stanley; PT $39
* Sandoz Group Cut to Hold at Jefferies; PT 47.60 Swiss francs
* Soitec Cut to Neutral at BNPP Exane; PT 36 euros

>>> Initiation
* Egetis Therapeutics AB Rated New Buy at Van Lanschot Kempen (+)
* Rheinmetall ADRs Rated New Outperform at BNPP Exane; PT $532
* Swissquote Rated New Neutral at Oddo BHF; PT 555 Swiss francs
* Tesla Reinstated Overweight at Morgan Stanley; PT $410

>>> Call
* Mastercard, Visa Not Threatened by Fee Ruling: Jefferies