>>> Europe : Brokers Upgrades & Downgrades - 9th of September 2025

>>> Up
* Aker BP Raised to Buy at SpareBank; PT 290 kroner
* Alibaba ADRs PT Raised to $190 from $145 at Barclays
* Basler PT Raised to 21 euros from 15 euros at Berenberg
* Castellum Raised to Neutral at Goldman; PT 98 kronor
* CCC Raised to Outperform at Oddo BHF; PT 250 zloty
* Comer Industries Raised to Buy at Alantra Capital Markets
* Endomines Finland Raised to Reduce at Evli Bank; PT 27 euros
* Femsa ADRs Raised to Buy at Citi; PT $97
* Hyatt Raised to Buy at Citi; PT $167
* Petronor E&P Raised to Buy at SpareBank; PT 13 kroner
* Publicis Raised to Outperform at Oddo BHF; PT 110 euros
* PVA TePla PT Raised to 39 euros from 29 euros at Berenberg
* Segro Raised to Buy at Goldman; PT 730 pence
* UMG Raised to Buy at Citi; PT 29 euros

>>> Down
* Aroundtown Cut to Neutral at Goldman; PT 3.20 euros
* BCP Cut to Neutral at JPMorgan; PT 75 euro cents
* Commerzbank Cut to Neutral at JPMorgan; PT 33 euros
* International Workplace Cut to Hold at Peel Hunt; PT 199 pence
* Lululemon Cut to Sector Weight at KeyBanc
* Porsche Cut to Sell at Rothschild & Co Redburn; PT 40 euros
* Seadrill Cut to Neutral at SpareBank; PT $35
* Shelf Drilling Cut to Neutral at SpareBank; PT 14 kroner

>>> Initiation
* Eckert & Ziegler Rated New Buy at Berenberg; PT 24 euros
* Hensoldt Rated New Equal-Weight at Barclays; PT 88 euros
* Leonardo Rated New Equal-Weight at Barclays; PT 51 euros
* Rheinmetall Rated New Overweight at Barclays; PT 2,050 euros
* Rosebank Rated New Overweight at Barclays; PT 430 pence
* Saab Rated New Underweight at Barclays; PT 395 kronor

>>> Call
* Eckert & Ziegler a Leader in Niche Market, New Buy at Berenberg
* JPMorgan Constructive on Banks, Deutsche Bank on Catalyst Watch
* Publicis Upgraded at Oddo BHF on Better Momentum, Valuation