>>> Europe : Brokers Upgrades & Downgrades - 8th of October 2025

>>> Up
* AMD Raised to Buy at DBS Bank; PT $260
* Anglo American ADRs Raised to Buy at Berenberg; PT $20
* ArcelorMittal PT Raised to 45 euros from 40 euros at Citi
* EDP Renovaveis ADRs Raised to Outperform at BNPP Exane; PT $34
* EDP Renovaveis Raised to Outperform at BNPP Exane
* Ferragamo Raised to Neutral at Mediobanca SpA; PT 5.40 euros
* Freeport Raised to Buy at Citi; PT $48
* Harvia Raised to Accumulate at Inderes; PT 40 euros
* Kaspi.kz ADRs Raised to Buy at Goldman; PT $107
* Know IT Raised to Hold at ABG; PT 110 kronor
* Metso Raised to Buy at SEB Equities; PT 13.50 euros
* RWE Raised to Outperform at BNPP Exane; PT 45.70 euros
* RWE ADRs Raised to Outperform at BNPP Exane; PT $53.30
* Sandvik Raised to Overweight at JPMorgan; PT 310 kronor
* Aston Martin Cut to Underperform at Mediobanca SpA; PT 52 pence
* Intel Cut to Reduce at HSBC; PT $24
* Netcompany Cut to Hold at ABG; PT 300 kroner
* Norsk Hydro Cut to Hold at Pareto Securities; PT 74 kroner
* PSP Swiss Cut to Equal-Weight at Barclays; PT 135 Swiss francs
* Shell ADRs Cut to Peerperform at Wolfe
* Teck Resources Cut to Sector Perform at National Bank; PT C$65
* WithSecure Cut to Sell at SEB Equities; PT 1.30 euros

>>> Initiation
* Aixtron Rated New Neutral at JPMorgan; PT 13.40 euros
* Alcoa Rated New Overweight at Wells Fargo; PT $40
* Amrize Rated New Overweight at Wells Fargo
* COSH NO Rated New Buy at SB1 Markets; PT 150 kroner
* Essity Rated New Buy at SB1 Markets; PT 300 kronor
* Franchi Umberto Marmi Reinstated Buy at Alantra Capital Markets
* Freeport Rated New Overweight at Wells Fargo; PT $47
* IBM Rated New Buy at William O'Neil
* Vale ADRs Rated New Equal-Weight at Wells Fargo; PT $11
* Valiant Rated New Buy at Octavian; PT 156 Swiss francs
* Ventura Offshore Holding Rated New Buy at SB1 Markets

>>> Call