>>> Up
* Admicom Raised to Buy at Nordea; PT 53 euros
* Amadeus Raised to Buy at HSBC; PT 82 euros
* Ambu Raised to Buy at Carnegie; PT 136 kroner (+)
* Atlas Copco Raised to Buy at Carnegie; PT 200 kronor (+)
* Beiersdorf Raised to Outperform at Bernstein (+)
* Danone Raised to Market Perform at Bernstein (+)
* DSM-Firmenich Raised to Buy at Stifel; PT 122 euros
* Dunelm Raised to Buy at HSBC; PT 1,275 pence
* Galderma PT Raised to 117.10 Swiss francs at Berenberg
* Grenke Raised to Buy at Hauck & Aufhaeuser; PT 21 euros (+)
* Hypoport Raised to Buy at Hauck & Aufhaeuser; PT 222 euros (+)
* Immofinanz Raised to Buy at Kepler Cheuvreux (+)
* Interpublic Raised to Outperform at BNPP Exane; PT $38
* Melexis Raised to Buy at Jefferies; PT 70 euros
* Orkla Raised to Outperform at Bernstein (+)
* Partners Group Raised to Overweight at Barclays
* Pirelli Raised to Outperform at BNPP Exane
* Reach Subsea Raised to Buy at SpareBank; PT 9 kroner
* Reach Subsea Raised to Buy at SpareBank; PT 9 kroner
* Repsol Raised to Buy at UBS
* Saipem Raised to Add at AlphaValue/Baader
* Shell Raised to Buy at UBS
* SIG Raised to Buy at Peel Hunt; PT 24 pence (+)
* UBS Raised to Buy at Kepler Cheuvreux
* Unilever Raised to Outperform at Bernstein (+)
* UPM-Kymmene Raised to Outperform at Davy (+)
* Vitrolife Raised to Market Perform at Handelsbanken (+)
* Xior Raised to Buy at Kepler Cheuvreux (+)
>>> Down
>>> Down
* Avanza Cut to Reduce at Kepler Cheuvreux (+)
* CVC Capital Cut to Equal-Weight at Barclays; PT 22 euros
* Eni Cut to Neutral at UBS; PT 14 euros
* Eni Cut to Neutral at UBS; PT 14 euros
* Evolution Cut to Neutral at Goldman; PT 1,000 kronor
* Experian Cut to Underperform at Bernstein (+)
* Haleon Cut to Market Perform at Bernstein
* ISS Cut to Underweight at Morgan Stanley; PT 127 kroner
* Just Group Cut to Add at Peel Hunt; PT 170 pence
* L'Oreal Cut to Market Perform at Bernstein (+)
* Lindt & Spruengli Cut to Underperform at Bernstein (+)
* Lufthansa PT Cut to 5 euros from 5.50 euros at JPMorgan (+)
* Porsche SE Cut to Underperform at BNPP Exane; PT 31 euros
* Retail Estates Cut to Hold at Kepler Cheuvreux (+)
* SUSS MicroTec Cut to Hold at Jefferies; PT 48 euros
* Swatch Cut to Underperform at RBC; PT 140 Swiss francs
* VAT Cut to Hold at Jefferies; PT 350 Swiss francs
* Wise Cut to Hold at HSBC; PT 1,150 pence
>>> Initiation
>>> Initiation
* Admiral Reinstated Underperform at Mediobanca SpA
* Aviva Reinstated Neutral at Mediobanca SpA; PT 541 pence
* Bellway Reinstated Neutral at BofA (+)
* Legal & General Reinstated Outperform at Mediobanca SpA
* M&G Reinstated Neutral at Mediobanca SpA; PT 220.19 pence
* M&G Reinstated Neutral at Mediobanca SpA; PT 220.19 pence
* Phoenix Group Rated New Underperform at Mediobanca SpA
* Puig Assumed Buy at CIC; PT 24 euros (+)
* RHI Magnesita Rated New Buy at Investec; PT 3,900 pence
>>> Call
>>> Call
* Business Services View Raised at Morgan Stanley; Hays, ISS Cut
* Eni Cut to Neutral at UBS With Limited Upside to Consensus (+)
* Experian Cut to Underperform at Bernstein on ‘Lofty’ Consensus (+)
* Jefferies Sees Modest Semis Growth in 2025, Infineon Top Pick
* Swatch Downgraded at RBC, Structural Trends Are Unsupportive
* Volvo Raised at Morgan Stanley as 2025 a ‘Rising Tide’ in Trucks