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

>>> Up
* D'Ieteren Raised to Buy at Van Lanschot Kempen; PT 214 euros
* Grand City Properties Raised to Buy at Jefferies; PT 14 euros
* Henkel Raised to Outperform at BNPP Exane; PT 86 euros
* Henkel ADRs Raised to Outperform at BNPP Exane; PT $25.20
* Sanofi Raised to Overweight at Morgan Stanley; PT 100 euros
* Sanofi ADRs Raised to Overweight at Morgan Stanley; PT $58
* Vonovia Raised to Buy at Jefferies; PT 31.50 euros

>>> Down
* Alphabet Cut to Accumulate at Phillip Secs; PT $265
* JDE Peet's Cut to Neutral at BNPP Exane; PT 31.85 euros
* Ryanair Cut to Neutral at Goldman; PT 27.50 euros
* Volvo Cut to Neutral at Goldman; PT 298 kronor

>>> Initiation
* America Movil ADRs Rated New Neutral at Safra; PT $22
* Balder Rated New Hold at Jefferies; PT 72 kronor
* Comcast Rated New Sector Perform at RBC; PT $38
* Fastighets AB Trianon Rated New Buy at Jefferies; PT 26 kronor
* Goodyear Reinstated Neutral at Citi; PT $10
* Kojamo Rated New Buy at Jefferies; PT 12.50 euros
* Oracle Rated New Outperform at GuoSen

>>> Call