>>> Europe : Brokers Upgrades & Downgrades - 9th of December 2025 V2(+)

>>> Up
* Alexandria Group Raised to Accumulate at Inderes; PT 10.50 euros
* Allianz Raised to Outperform at KBW; PT 420 euros
* Colgate-Palmolive Raised to Outperform at RBC; PT $88
* Epiroc Raised to Outperform at BNPP Exane; PT 240 kronor
* EQT Raised to Overweight at JPMorgan; PT 399 kronor
* Generali Raised to Outperform at KBW; PT 37 euros
* Helios Towers PT Raised to 254 pence from 204 pence at Jefferies
* Legrand Raised to Outperform at BNPP Exane; PT 155 euros (+)
* Man Group Raised to Overweight at JPMorgan; PT 256 pence
* Otis Worldwide Raised to Outperform at BNPP Exane; PT $105 (+)
* RELX Raised to Buy at Deutsche Bank; PT 3,700 pence
* Trustpilot Raised to Buy at Goodbody; PT 250 pence
* Wallenius Wilhelmsen Raised to Buy at Nordea; PT 120 kroner
* Wolters Kluwer Raised to Buy at Deutsche Bank; PT 125 euros

>>> Down
* HelloFresh Cut to Underweight at Morgan Stanley; PT 5.50 euros
* Hochtief Cut to Reduce at Kepler Cheuvreux (+)
* Iveco Cut to Neutral at BNPP Exane; PT 20 euros (+)
* Kone Cut to Neutral at BNPP Exane; PT 60 euros (+)
* Metso Cut to Neutral at BNPP Exane; PT 15.50 euros (+)
* Norwegian Cruise Cut to Neutral at Goldman (+)
* Picton Property Income Ltd Cut to Hold at Peel Hunt; PT 80 pence
* SKF Cut to Neutral at BNPP Exane; PT 265 kronor (+)
* Swiss Re Cut to Neutral at Citi; PT 137.64 Swiss francs
* Swiss Re Cut to Hold at Berenberg; PT 140 Swiss francs
* Swiss Re Cut to Neutral at Oddo BHF; PT 140 Swiss francs (+)
* Traton Cut to Neutral at BNPP Exane; PT 30 euros (+)
* Volvo Cut to Hold at Deutsche Bank; PT 275 kronor

>>> Initiation
* Admiral Rated New Hold at Kepler Cheuvreux (+)
* Agilent Reinstated Buy at Goldman; PT $170
* Aviva Rated New Hold at Kepler Cheuvreux (+)
* Banque Cantonale de Geneve Rated New Hold at Octavian
* Danaher Reinstated Buy at Goldman; PT $265
* Helvetia Baloise Holding Rated New Outperform at Autonomous
* Instone Real Estate Rated New Buy at Bankhaus Metzler (+)
* Lattice Semi Reinstated Buy at William O'Neil
* Legal & General Rated New Reduce at Kepler Cheuvreux (+)
* M&G Rated New Buy at Kepler Cheuvreux (+)
* Magnum Ice Cream Rated New Neutral at JPMorgan; PT 14 euros
* Magnum Ice Cream Rated New Neutral at Van Lanschot Kempen (+)
* Magnum Ice Cream Fairly Valued After Listing, JPMorgan Says (+)
* Magnum Ice Cream Rated New Outperform at BNPP Exane (+)
* Micron Rated New Buy at HSBC; PT $330
* Phoenix Group Rated New Reduce at Kepler Cheuvreux (+)
* Prudential Rated New Buy at Kepler Cheuvreux (+)
* Rentokil Rated New Buy at Kepler Cheuvreux (+)
* Revvity Reinstated Neutral at Goldman; PT $105
* Rosebank Rated New Buy at Berenberg; PT 440 pence
* St James's Place Rated New Buy at Kepler Cheuvreux (+)
* Teva ADRs Rated New Overweight at Barclays; PT $35
* Thermo Fisher Reinstated Buy at Goldman; PT $685

>>> Call
* HelloFresh Cut at Morgan Stanley on ‘Skewed’ Risk/Reward
* JPMorgan Sees ‘Reasons to Be Cheerful’ in Diversified Financials
* Maersk Placed on Positive Watch at Citi on Short-Term Ebit Boost
* Magnum Ice Cream Fairly Valued After Listing, JPMorgan Says (+)
* Swiss Re Downgraded at Citi and Berenberg Following Target Reset
* Thyssenkrupp’s Weak FY26 Guidance Overshadows Results Beat: MS (+)
* Watch UK Retailers as BRC Says Sales Cooled on Budget Fears