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

>>> 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
* Oeneo Cut to Reduce at IDMidcaps; PT 8.70 euros (+)
* Ryanair Cut to Neutral at Goldman; PT 27.50 euros
* Sanofi Cut to Hold at Intron Health; PT 78 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
* Rothschild Real Estate Sicav Resumed Market Perform at ZKB (+)

>>> Call
* Equity Positioning Slips, But Inflows Are Strong: Deutsche Bank (+)
* Goldman’s Kostin Sees S&P 500 Rising 6% on Fed Cuts By Mid-2026 (+)
* RBC’s Calvasina Sees Jobs-Driven Uncertainty for US Equities (+)
* Sanofi Overweight at Morgan Stanley After Amlitelimab Slump (+)
* Morgan Stanley’s Wilson Sees Russell 3000 Earnings Coming Back (+)
* JPMorgan Strategists See Lower Bond Yields Challenging Cyclicals (+)